Market Update: August 2022
Lazy-Hazy-Crazy Days of Summer
The overall health of our Stanford Circle real estate market remains strong and resilient.After the initial shock of higher interest rates in late spring, the summer buyers settled into a realization that even though rates are higher, they’re still historically low and they continued to make offers on attractively priced and well-located homes.
While prices have come down a bit from the highs of March & April, we have not entered a time of depreciating prices, just slowed appreciation.
The speed of escalating prices has slowed and taken some pressure off buyers, but homes are still selling for more than they did at this time last year and we anticipate this will continue, although at a slightly less hectic pace.
There may be a large backlog of listings waiting to come on the market after Labor Day, so we’ll have to wait and see how fast the market will absorb the new inventory. In the meantime, enjoy these last few weeks of summer and get ready for an active fall.
Our advice to sellers: As you can see from the charts above there are some headwinds pushing against appreciation which may lead to depreciating prices, so if you’re considering getting in the market this fall then sooner is better than later. Our crystal ball says there will be a short window to sell this fall. We anticipate more inventory as the fall progresses and this can lead to homes staying on the market too long. Call us soon if you’re ready to sell. In most cases, we can have your home photo ready to be on the market in 2–3 weeks.
Our advice to buyers: While the market has slowed a bit it’s still a seller’s market so don’t wait too long to make your offer if you find the right home because it will still sell sooner rather than later. There might be more opportunity to get offers accepted with contingencies than in the past, but this will vary depending on the interest in a particular home. Don’t be afraid to submit a lower offer with contingencies, especially if you’re the only offer.
Finally, as we prepare for a busy fall market, remember:
Those days of soda and pretzels and beer
Roll out those lazy, hazy, crazy days of summer
Dust off the sun and moon and sing a song of cheer
– Nat King Cole, 1963
Please call or text if I can provide answer to any of your real estate questions.