One analyst calls it a "freeze", others say that buyers are "pausing", and some call it "normalizing." Just like there was constant chatter about the hottest real estate market on record over the last two years, a lot of attention is being given to its potential decline. Let's not forget though, that what is happening is by design! The Feds are increasing rates to help curb inflation. Markets where prices soared to incredible highs won't be sustainable as interest rates have more than doubled making it much harder for people to afford their mortgage payments. So yes - in some cases, buyers will back off. Analysts are keeping an eye on Florida, the Southwest, and parts of the Midwest for example.

 Lucky for us, we live in a state that can be compared to a blue chip stock. The Greater Boston region is an established, conservative, and well-rounded area with varied industry. In the past this helped insulate us from severe market corrections compared to other parts of the US. I was recently interviewed by the Boston Globe for this article on the record prices people are paying for land, and it helps support the theory that the demand for land/houses is still strong.

An article from CNBC also said it really well! 


"Most of the pain is being felt at the bottom of the market: the first time homebuyer, who often has the least amount of money for a down payment and is trying to make the monthly payment work for their budget. Sales of homes priced below $250,000 fell by more than 30% in June. 


For those who can afford to buy a home with even a higher mortgage rate, the housing market slowdown has been a silver lining- more options. As homes get fewer offers, they tend to linger on the market longer." That's why investors are on the sidelines right now, waiting for those opportunities. As you can see in our towns, except for Needham the number of properties that had accepted offers were more than new listings that were introduced. Inventory is still quite low too, another reason the experts in my field don't anticipate a real estate crash but a correction.


Wherever you are reading this from, I hope you are having a fabulous summer relaxing and spending time with family and friends. The weather has been so cooperative, and you deserve it! We all need this heat after the long winters we endure! Until next week- Enjoy!