Market ChangeMarket Updates
This too shall pass… an expression that now applies to the real estate market. Earlier in the year we experienced some intense bidding wars for homes, sometimes with over 20 offers and 100 showings in a week. The prices were jumping up quickly as buyers snatched up houses. 4 months later this scenario is no longer the case. We are still seeing multiple offers but not always and sometimes there are no offers that come in.
Interest rates are up, inflation is up. Buyers are not jumping as high and sellers are often disappointed with results. Interestingly the change in market is starting at the bottom. Usually it starts at the top. With the change in market will come a change in pricing strategy. We are a market in transition.
The jury is still out for condos. Condos did not experience the same recent activity and surge in prices as homes. With the end of the pandemic condos may get a good bump up this year.