2022 is speeding along.
Now into the second month of the year and the real estate market is still on fire.
My personal observations:
I’ve heard a lot of talk about buyers slowing down, but I have not seen that in action. I’m sure certain areas or neighborhoods may have had a slower month (which is normal) but overall that’s just not the case. There is still high demand.
Less Available Homes – Where are my Sellers? Most of my clients’ searches are popping up with fewer and fewer available options.
Less homes available coupled with high demand keeps us right in the heart of bidding wars and homes selling over list price.
Buyers are showing signs of weariness. I’ve noticed the overpriced homes sitting longer (albeit well-priced homes are still flying). I’ve also noticed buyers avoiding certain types of homes based on who, or more accurately, what entity is selling them. This tells me that buyers are “sick of the games” (and rightfully so in my opinion). They are tending to look more at traditional sales vs iBuyer properties and even within traditional sales they are starting to steer clear of the gimmicks within certain brokerages.
Overall this means we stay in a hard core Seller’s Market. More people are moving into the Valley than out, exacerbating our housing shortage. With less development occurring on the east side of town, I’m betting people will start migrating west simply because of affordability and availability.