As we close out 2022, the uncertainties of the economy have definitely made their mark on the real estate market. Fewer transactions are happening, however the market is still moving along, and in some instances I am still seeing multiple offer situations and bidding wars.
In fact, just the last couple of weeks, it seems the Holiday shopping season is carrying over to real estate as it seems homes that are listing right now at the right price and condition are gaining lots of interest. It probably also can be contributed to rates lowering these last few weeks from peak highs.
Heading into 2023, I anticipate we will see the motivated continuing to buy and sell. People always need a place to live and will move for reasons such as outgrowing a home, relocation, downsizing or wanting to purchase their first home. Those that have locked into low interest rates are going to be less likely to move, keeping inventory low.
One interesting trend to watch is what happened with I-Buyers such as Opendoor and Offerpad. I've been keeping an eye on their properties in our market and they seem to be most unsaleable homes out there. Many times, they are priced too high for condition and they are continuously lowering the price (to much less than they even paid). Opendoor lost a billion dollar in third quarter alone. It will be interesting to see how these company's shift and if they are able to operate in a slower market than the past 3 years.
If you would like to talk about your specific situation, I am always glad to meet for a cup of coffee.
Wishing you and yours a wonderful holiday season!