What A Year…
Just when it seemed like things were getting back to normal – whatever that is – 2022 threw us some unforeseen twists and turns. Think about it. Inflation, Ukraine, Elon Musk, Crypto crooks and “SIXTH year senior” quarterbacks! What’s next?
It’s been an interesting year in the real estate world as well. Rising interest rates and general uncertainty put a crimp in demand, pushing inventory up and prices down from their peaks last spring. One telling data point is that just 8 months ago 80% of transactions on the Eastside were closing above their asking price. Today that number is 10% and the stats are similar throughout our area. We knew the crazy couldn’t go on forever and thankfully, we’re back to a more normal operating environment and plenty of deals are still being done.
Looking ahead, I don’t see big changes coming to the “new normal” anytime soon and Q1 will undoubtedly bring its usual uptick in both listings and buyer activity. In most neighborhoods and price ranges buyers should continue to have more homes to consider than in the recent past. Prices will remain negotiable in many cases, as will standard contingencies like financing and home inspections. Potential sellers should know that motivated buyers are still out there, but that they will continue to be more cautious and deliberate in their approach. Proper pricing will remain the most critical component for new listings moving into the new year, and getting it right will still bring quick deals.
As we wind up the year, I want to give a big THANK YOU to everyone who helped make this another great year for my business. Whether you let me help you with a transaction or referred me to a friend, relative or colleague, I appreciate the trust you put in me and the opportunity to play a part in your journey.
Hopefully, everyone will be able to enjoy a little down time with friends and family over the next few weeks. I have a feeling a little re-charge will come in handy when the new year starts tossing its own surprises our way!
Merry Christmas and here’s to a fantastic New Year!
Rip.
