Is The Local Real Estate Market Softening?


Is The Local Real Estate Market Softening?
By Scott Rogers • June 23, 2022
Anecdotally, it seems like a maybe the local real estate market is softening... but the data certainly doesn't show it yet. Here are a variety of current market anecdotes for you... [1] Many new listings are still having a flurry of showings and multiple offers and are selling at or above the list price with very few contingencies. [2] Sometimes a hot new listings receives just two offers instead of the five to eight that might have been anticipated. [3] Sometimes, new listings are coming on the market and sitting for a week or so before generating an offer. [4] Sometimes sellers start at one asking price and adjust it down a few weeks later after not having received any offers. And some data... [5] Thus far (Jan - May) in 2022, 4.75% more homes have sold than last year. So... is the market softening? Items 1 and 5 above would indicate... no. Items 2, 3 and 4 would suggest... maybe. I'll keep monitoring the data to see if it starts to show anything different... but for now, I'm leaning more towards believing the story told by the data more than the story told by the occasional anecdote. Receive Updates by Email Recent Articles: Improving Your Home Might Make More Sense Than Selling And Buying Buying A Home In Harrisonburg When You Do Not Yet Live Here Is Particularly Difficult Right Now An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market?
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through May 31, 2023 (unless otherwise noted).
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