Our Vice President of Brokerage Development, Daphna Fields,
provides a brief snapshot of the shifting Real Estate market in the
fourth quarter of 2022, and offers an outlook on the upcoming new
year. Read on for her expert advice!
What are your feelings on the direction of the market for
the fourth quarter of 2022?
While many properties are still selling at above asking price,
the cooling buyer demand has caused a slight increase in the number
of days on market, and in some cases we are starting to see price
reductions. However, listing inventory has still not increased
significantly, which is keeping home values in our area very
strong.
What should buyers and sellers be aware of during the
course of the next month?
Buyers can be more selective and add contingencies, such as
inspections, to their offers. In this type of a shifting
market, it is especially important for sellers to carefully price
and prepare their homes for sale.
In the longer term, what do you predict for the next
6-12 months?
The global and national economic uncertainty will continue
to dominate the news, as are the volatile mortgage interest rates.
We will see a growing number of adjustable rate mortgages, and
possibly more sellers offering to buy down interest rates for their
buyers, as incentives. Consumers who rely on their Real Estate
professionals will be best positioned to navigate this market
successfully.