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2022 FIRST QUARTER MARKET UPDATE

Lombardo Home Group August 16, 2022

HowsTheMarket

2022 FIRST QUARTER MARKET UPDATE

Let’s Talk about Past History. And the Future in 2022 (2022 First Quarter Update)

I have been following our local market on a daily basis since I got licensed in 2015. I am deeply dedicated to being a student of the market and keep an eye on market nuisances and trends to guide my clients well. In my opinion, I think we will start neutralizing by end of summer so if you are on the fence, the window is starting to close to squeeze maximum equity out. I am starting to see little tics in the market to indicate that it is coming. Right now, Multiple offers well above the asking price and offers with all contingencies (Due Diligence (Inspections), finance & appraisal) are waived are the norm and those will start to subside by year end. Rising interest rates will slow that 2 year trend in the market.

The market flip (from a seller’s market to a buyer’s market) will occur when inventory sits again. Then, be prepared to have to do more updates on your home to be competitive and expect the list of repairs from your buyer to return – and, it will take longer to sell your home when you have competing inventory at all times. Ebb and flow, ebb and flow….normal market cycles so nothing to worry about. Call me for an analysis or to discuss this data further!

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