Market behavior is changing somewhat, although in ways that are not simple to sum up. Depending on location (of course!), level of finishes, and degree of well-done design, some homes are still receiving multiple offers and are going for prices over asking price, but not as dramatically as they have for the last several years. Others are still on the market after 20-30 days and end up selling at ask or slightly below. These subtle changes indicate a turning in the road that was really needed. The rapid increases in prices was not sustainable and would have made homeownership all but impossible for too many people. I don’t think prices will go down, but just level off. So if you bought recently, don’t fret. If you are hoping to buy, don’t wait. Mortgages can be refinanced in a few years but jumping in as soon as you can is very important. Let me know if you’d like to brainstorm.
Market Snapshot: May 2023