So yes, the market is a little spooky but homes are still selling!

TRICKS + TREATS:

Unicorn homes, properties with the perfect combination of elements, are hard for buyers to locate. They’re going into contract in 2-3 weeks often with several offers.

Cash offers, not uncommon and currently around 30%. Quick and no banks to deal with.

Buyers getting into neighborhoods they could not afford a couple of years ago. Buying down
the rate for a year or two is a thing right now, enabling buyers purchase power to increase.

Seller financing (may be a tax benefit) and hallelujah... occasional contingencies and credits to
buyers are back.

Mortgage rates are impacting values as they hover below 8%, significantly affecting buyers
purchasing power.

$1,300,000 @ 4% was $4965 PI a month
$900,000 @7.5% is $5034 PI a month
An affordability drop of appx $400,000!

Sellers expectations, it’s hard to adjust when your neighbors house sold for more in 2021/22

Low inventory, down around 22% from last year. In some neighborhoods there is very little choose from.

Prices are mostly off the top but not dropping like a stone.
I am not being asked at every open house as in 08/09 “have we hit bottom yet!?”

Home insurance is becoming hard to find and often expensive when buyers get it. (Just
because you have it as a seller means nothing to a new home owner!)

Shaking the bushes, agents working their established agent networks have become more
critical as we spend a lot of time reaching out and communicating what will it take to put a
transaction together.

As always, I’m happy to be a resource for those considering a move and to offer advice in the current environment!

- Jackie

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