These are the four key factors driving our local real estate market.
Is Google predicting a housing market crash soon? When you type “Is the real estate market” in the search bar, Google automatically fills in the words “going to crash in 2022?” Is this a sign of the end times, or does it just mean there’s a lot of confusion in our current market? Here are four facts that might help reduce some confusion:
1. Buyers are distracted. Families are going on vacation and enjoying the summer, so only the most dedicated buyers are still in the market.
2. The summer selling season is almost over. Kids are getting ready to go back to school, which usually coincides with a market slowdown. The peak selling season is in the springtime.
3. Affordability is down. Mortgage interest rates are up, so the average buyer can afford less.
4. This market is being compared to last year. 2021 might have been the most competitive housing market ever. It doesn’t make sense to compare our current conditions to those.
Based on these factors, our market isn’t crashing, but it is slowing. Then is it a good time to buy or sell a home? Honestly, the answer depends on your situation. If you’d like to know what decision makes sense for you, just call or email us. We’d love to help!