An Ode to the 2022 Real Estate Market
As 2022 comes to an end, I hope this real estate blog seems like an old friend.
Chock full of information that's useful and fun, it was meant to educate you and I hope that was done.
2022 started like the year before... houses were the prize and we could have used more.
Bidding wars galore, it was tough on buyers to digest. They gave it their all- and were put to the test.
No inspection, cash only, whatever sellers desire, they would have given their first born or paid enough money for the owners to retire!
It was draining, it was historic, the rush was intense- but could it last forever, did that make sense?
Money seemed free, the interest rates were ones to keep- who cared if you overpaid since your monthly payments were cheap.
Then summer came and there were rumblings of a change. Inflation was high and the government was acting strange.
They wanted to make a move and had waited too long, so to slow down the pace they came on quite strong!
Up went the rates and the frenzy slowed down. Buyers seemed scared and sellers started to frown.
What's more, the pandemic was over and there were things to do- travel and shopping was about to ensue.
Ask an agent, it felt like 2019- a more manageable pace for sure, although some weren't so keen.
Buyers were out there, but a little more reserved while sellers were getting a bit unnerved.
Gone were the days of a hundred thousand dollars over ask, finance contingencies and other typical tasks were back.
Inspections, negotiations and buyer visits returned, the fall was an adjustment as we all learned.
The headlines from newspapers screamed "the real estate market was a mess", but here in Metro West we responded well to this unexpected mess.
Prices didn't drop and inventory didn't rise, there was just a bit more of an equilibrium to everyone's surprise.
I am optimistic about the next year with listings and buyers in tow, I look forward to working with all of them so!
We will hunt for great rates and special houses to buy, and their lives will be settled and that is no lie!
What a year it has been defined by rates, but it's not as bad as reported and we are in a good state.
See you in January when the real estate market will start to roar, thanks for a great year, I mean it from my core.