National Market Update
Make no mistake, the state of the economy is what many people are thinking about. Globally, according to The Wall Street Journal, three-quarters of CEOs feel that we are in a recession or will be in the next 12-18 months. This can affect the real estate market, and we are seeing the market shift as we speak. Homes aren't flying off the shelf anymore, we aren’t seeing bidding wars, and as interest rates continue to increase, and increase steadily, we see that buyers have less buying power and are unsure of what to do.
My goal is to help you navigate this ever-changing market, and with nearly 40 years in this business, I have the experience, and knowledge to really help you!
While there is no way to know how the market will behave and what will happen, it’s still good to reflect on how past recessions have historically affected the real estate market. Over the last 40 years, mortgage rates have fallen during times of recession, an average of 1.8 percentage points from peak over the last 5 recessions. History also tells us the recession does not automatically mean we are going to see a housing crisis. So, as you consider your next real estate move, note that recession does not mean 2008, and we can help give you a great real estate experience, as always.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help