Here’s what buyers and sellers need to know about our changing market.

It’s been a while since my last update, both in terms of the market and otherwise. Today I want to explain what’s kept me away for so long and give you a quick update on our housing market.

My personal life has been a whirlwind recently. My husband and I recently sold our house of 32 years, we bought a new home, my daughter and her husband had my second grandbaby, and now I’m renovating one of my rental properties to get it ready for the market. It’s been a busy time in my life, but it has been good.

So what’s changed in our market since I made my last market update? A lot. Over the last few years, we’ve lived through one of the craziest real estate markets I’ve ever seen. Prices skyrocketed, interest rates were incredibly low, and supply was scarce. Now, rates are rising, and inventory is slowly creeping up. As a result, more sellers have to lower their prices to sell their homes. In my experience, about one-third of properties are currently reducing their prices.

“The longer you wait to buy, the higher your monthly payment will be.”



What does this mean? The balance of power is shifting from sellers to buyers—at least a little bit. If you’ve been waiting out the market to avoid the crazy competition, now might be the time to jump back in.

Despite price reductions, I don’t think you need to worry about a crash. Inventory is increasing, but it’s still low compared to pre-pandemic levels. On top of that, interest rates will likely continue rising throughout 2022. This means buyers shouldn’t wait to purchase a home. The longer you wait, the higher your monthly payment will be.

Real estate is hyper-local, so if you want to know what’s happening in your specific area or have any questions, call or email me. I look forward to hearing from you!