Our Vice President of Brokerage Development, Daphna Fields, provides a brief snapshot of the shifting Real Estate market in the fourth quarter of 2022, and offers an outlook on the upcoming new year. Read on for her expert advice!
What are your feelings on the direction of the market for the fourth quarter of 2022?
While many properties are still selling at above asking price, the cooling buyer demand has caused a slight increase in the number of days on market, and in some cases we are starting to see price reductions. However, listing inventory has still not increased significantly, which is keeping home values in our area very strong.
What should buyers and sellers be aware of during the course of the next month?
Buyers can be more selective and add contingencies, such as inspections, to their offers. In this type of a shifting market, it is especially important for sellers to carefully price and prepare their homes for sale.
In the longer term, what do you predict for the next 6-12 months?
The global and national economic uncertainty will continue to dominate the news, as are the volatile mortgage interest rates. We will see a growing number of adjustable rate mortgages, and possibly more sellers offering to buy down interest rates for their buyers, as incentives. Consumers who rely on their Real Estate professionals will be best positioned to navigate this market successfully.
