Buyers who waited for less competition, more contract power and lower prices have paid in terms of higher interest rates and Sellers that waited to list their home for sale are paying with higher days on market, no bidding wars, more contract contingencies and lower prices. While this all sounds daunting all it really means is that we are pointing towards a more balanced market. Which in theory could be sustained longer than these extreme conditions for buyers or sellers. Our company has professionals that have weathered both extremes and we all crave the more balanced atmosphere as it promotes happier clients and more opportunity for everyone.
Good news for Buyers and Sellers; Sellers homes are still selling above ask in a lot of cases and Buyers have more options and are competing against less people.
The stats below are Month over Month: from May to June of 2022.
#1 Homes Available up 65% MOM
#2 Closed Sales down 12.42% MOM
#3 Average Closed Price up .73% MOM
#4 Average Days on Market up 11.11% (4 days to 11 days)
Homes with a price drop came in at 40% of all homes listed for sale last month. June’s big lesson for Sellers is to price your home aggressively – not at what your neighbor sold their home for 2 months ago. The lesson for Buyers is to get your financing in place, look at all the loan products available, there are many, and don’t be afraid of dipping those toes back in the market, opportunity exists!
**And for those of you who think the buyers are going to save the day…they are seeing a mass exodus of VC money. Where they once were offering way over ask for homes they have begun to offer way below market value now in hopes of scooping from panicked Sellers**
If you think Walters & Co. can be helpful please don’t hesitate to Contact Us!
Thanks DMAR for the information/stats