Published June 21, 2022
5 Trends We’re Seeing in Today’s Market
Five trends we’re seeing in the current market that we expect to continue.
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I get asked day in and day out about the trends I see in the market and what I expect to happen in the future. I don't have a crystal ball, but I wanted to share the five market trends I’ve spotted that we can expect to continue:
1. Days on market are increasing. You may have noticed that homes are taking longer and longer to sell. 30+ days on market is not unusual in this new market.
2. Expired listings are coming back. During the market downturn a while back, some homes would sit on the market, not get much activity, and finally be pulled off. That is called an expired listing, and we’re starting to see this happen again. Around 43% of homes right now are becoming expired listings
"We still have a very robust market."
3. COVID buyers are no longer in the market. Buyers who needed a bigger home or to be closer to family during COVID have either found what they’re looking for or decided to leave the market.
4. First-time buyers are being pushed out. The recent interest rate hikes have made it hard for these buyers to purchase homes. These hikes might not directly affect buyers at higher price points, but having fewer first-time buyers indirectly impacts everyone in the market.
5. There are more homes to choose from. Today's buyers get to enjoy a huge supply of homes for sale. That’s great for buyers, but sellers have to be more patient and wait for the right buyer to come along. As a result, selling a home takes more time and effort now than it did before.
If you have questions about these five trends or anything else real estate-related, feel free to call or email us. We would love to help you.
