Thew news can be confusing and overwhelming especially in the stages of a possible recession and an economic downturn. The market is undoubtedly shifting, here’s what’s going on across the Nation:
✅The average days on market has extended and is continuing to extend
✅ Inventory is growing nationally
✅ Price reductions are now in play
✅ Interest rates will continue going up and down
✅ Buyers have slightly more choices
✅ There are fewer showings & offers on homes
✅ There will be less homes sold in the second half of 2022
✅ Prices are flattening out in many areas
✅ The number of transactions falling through is growing
✅ Offers coming in are beginning to come in under list price
✅ Contingencies, inspections, and appraisals are coming back in play
✅ Sellers are starting to help with closing costs again
✅ In 2021 51% of the active Realtors never sold one house
Stay tuned for more information on the market trends as we are studying what's going on very carefully on a daily basis. Having been selling homes since 1991 and here in Roanoke, Virginia and surrounding locations including Blacksburg, Christiansburg, and Smith Mountain Lake I have been blessed to experience all kinds of different market conditions. I am honored to be able to bring our clients the results, expertise, and experience they deserve whether buying or selling a first home, second home, last home, or investment property we are prepared to help you get successfully from one door to the next while meeting all your real estate goals.
Please feel free to reach out if you are curious about the homes for sale here in our local market and want to be kept abreast as anything new comes on the market of if you'd like to know the value of your home in today's market.