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September 2022 Monthly Market Update

Is Fear Stopping You From Entering The Market?

Let’s Understand Where We Are

We know, there’s a lot of fear out there in the media in regards to housing, finance, and the overall market. You might be wondering is now a good time to buy or sell a house? As of today listings are down year over year 15% and prices are up 4%. We want to help you understand the numbers and our process to eliminate fear and ultimately help you create a good deal in any market.

Economic Indicators We Review

As real estate professionals, we pride ourself on knowing our numbers. We track five key economic indicators.

First is showings, or the number of showings compared to last year. Has that increased or decreased, which as of September has decreased since last year. Second, the number of new houses coming onto the market, also referred to as new inventory. Next, price improvements or price reductions, which as of September 2022 has increased since last year. We also take a look at expired listings. These are properties that were unable able to sell on the open market and have become expired or their agreement is no longer valid. Lastly we look at mortgage applications. This reflects the demand for mortgages as consumers are applying for new loans. These are people who are thinking about buying a house and are going to a lender to see what they can get pre-approved for. As of September 2022, that has decreased dramatically which is a direct correlation to interest rates that have continued to increase.

What This Means For Buyers & Sellers

With all that being said, if you’re a seller that has been on the fence about selling, this very well could be one of the best opportunities for you to maximize your upside this time. Next year, we could be having a conversation about trying to minimize your downside.

Buyers now’s your time to shine with interest rates still on the rise, waiting for the perfect opportunity may end up costing you more than you think. Buyers and agents who know their numbers are winning in this current market every single day. The days of no inspections, bidding wars and paying tens of thousands of dollars over list price are coming to an end! With less competition for buyers as more properties become available now is the time. If you’re curious about what home ownership looks like, or if you’ve been turned off by the high pressure environments from the last couple of years now is the perfect time to come talk with us.

Claim Your A FREE Equity Analysis

If you’re thinking about buying or selling you a home, please reach out to one of our agents!

John Newman

Founder & CEO of The Newman Group

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