How do I know this? I have been in real estate since 1976. I have seen many up-and-down market trends and interest rate fluctuations over the span of more than 40 years. You may have also seen home prices dropping in some areas and in some areas they are dropping more than in others. However, there is still very low inventory and as long as there are more buyers than sellers, there will still be upward pressure on home prices. Homes that are in good condition and priced properly are still seeing multiple list and over-list price offers on them. Perhaps not the 20, 30, or more than what we were seeing earlier in 2022 but perhaps 2, 3, 4, or even 5 offers. Listing agents who understand the current market, price their listings properly and still see good activity and quick offers and sales. During the last 10 years homes averaged about 3.8% appreciation per year, however over the last couple years home prices increased many months at a whopping 2% per month (or even more) and averaged 14.5% year over year (as of June 2022). What we all have seen the last couple of years simply is not a normal market. We are now headed back into a normal market. This will not result in depreciation but rather in deceleration. This means that as long as we have low inventory as stated about we will still have upward pressure on prices but more in line with a normal price appreciation market. Did you miss the boat? NO! Keep in mind that there are many more factors affecting inventory. There are going to be even fewer home sellers entering the market because just about everyone who owns a home has refinanced it to a low 3% or better interest rate. Many sellers who may have considered selling previously may no longer want to sell because they don’t want to sell a home at 3% just to buy a new more expensive one with a mortgage rate of 6% or 7%. They do not understand what you now understand but this situation will still put upper pressure on prices so thinking that this is a bad
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