HAS THE MARKET SHIFTED?

Lombardo Home Group August 16, 2022

HowsTheMarket

This is the #1 question that I am getting daily now! It is shifting and the past month has brought many changes to the market – and the changes came quickly. If you have been waiting because you did not want to compete for a home with several dozen people and waive all of your contingencies, you are in luck. Your market has arrived. We are transitioning into a more balanced market.

Offers are still coming in strong and most are above the asking price; however, due diligence (inspections) are back in the picture, and some appraisal/finance contingencies too. I have not seen that in our neighborhood in almost 2 full years! Markets shift quickly so if you have been wanting to know when the peak will come – it has passed. So, what’s that mean? Check out the slide and do not despair!! We are in historic property value gains over the past 2 years, even if you sell on the other side of the highest peak, you are still way ahead. As the slide indicates, so much gain – you can drive a truck through it!

For more aggressive sellers, they have benefited in leaps and bounds squeezing maximum equity out of their homes. However, that also meant they were paying more for the one they purchased. If they were downsizing, they still did extremely well though since the downsize home margins were so much less than our price point.

For the more conservative buyer that just refused to compete for a home at the levels required to secure one over the past 2 years, it’s your turn! On the selling side, that means you may need to do more to prepare your home for the market and can expect some repair costs to creep back into the contracts. But, some normalization in our market is long overdue! Adapt, change & conquer this new market! And – call me for expert advice on how to do it! (678) 478-7868