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  • erinoxford

Is the Market Going to Tank?

As the interest rates continue to climb there's lots of speculation of a recession and the housing market crashing - but is that going to be our reality? I've been reading article after article trying to educate myself from all sides and the easy answer is I don't think so. Although we are seeing interest rates slowly creeping up they are having the intended purpose - to slow the booming and out of control real estate trade industry and to help curb inflation. And although all of this is happening, well priced homes are still selling and quickly! What is a well priced home you ask? It is what is considered fair market value - the price someone is willing to pay for that home or the price the market supports. What's that?....How do WE know what fair market value is? Lots of times we don't, but we have tools that can help us predict a relatively accurate range. And as the market is still proving, when a home is priced within that accurate range homes are selling. The truth is that it is definitely becoming more of a buyer's market. Homes aren't flying off the shelves before they even make it to market, buyer's are now able to put conditions back into their offers and seller's might have to accept less than asking if they want to sell their home, but this is all part of the market rebalancing. And as the rebalancing happens we'll see more "normal" happening. Typically this time of year tends to be slower anyways as far as sales go, and I think as Spring comes there will be more homes coming to market which means more inventory for buyers to choose from and pricing will remain steady.

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