When analyzing the market trying to get a handle an where it’s headed, there are a number of data points that I find valuable. This effort is ongoing. When searching for a client selling or buying, I have to get more specific to their situation, the property, and expectations.
Months of inventory: This number tells us how active the buyer market is. It is affected by the number of available homes priced and presented well, and the number of active buyers. For instance, we have 100 homes on the market and 40 have SOLD in the past 30 days. This means that we have 2.5 months of available inventory.
The 2022 interest rate story has been a tough one for buyer to understand. Rates more than doubled in the course of the year. Buyer’s in some cases have lost 30% of their buying power.
Sellers have to realize that the competition for buyers is brutal as shown by the huge increase in months of inventory and days on the market. Also, home prices have settled. The seller’s list price is critical. Buyers are looking at the new listings and those that sit will do just that until there is a significant adjustment in price.
Inspired by an online article found at https://money.com/therapy-tips-cope-wild-housing-market/ Tom Perry -Realty Executives Brio…Bellevue, Wa. REALTOR® serving Seattle and Seattle’s Eastside A Realtor.com survey tells us that approximately 24% of the buyer pool has increased their current therapy schedule or started therapy because of the stresses and depression caused by the home buying process which …
Summary of an Article from Realtor.com . Millennials, the largest generation in U.S. history Millennials are the largest generation in U.S. history, surpassing Baby Boomers. They were born between 1981 and 1997. For the last 5 years, they have been the dominant buying force in the market. This survey was conducted in June 2020 of 2,000 …