Slowly slowing

By
Real Estate Agent with Atlanta Communities 303302

Like a driver lightly tapping the brakes on a car, we are starting to see signs of a slowdown in the real estate market. The overheated frenzy of home buying is not over, only becoming less crazy. 

Homes on the market are selling in a few days now instead of a few hours. We are starting to see sellers reducing their asking price in order to get their home sold.

What is causing this change? There are several processes at work here. Inventory of homes for sale has been extremely tight for several years now. Slowly, more homes are coming onto the market and staying there longer, meaning more available inventory for buyers to choose from. Second, interest rates have been rising and will continue to do so for the remainder of this year at least. This is causing some buyers to back out of the buyer pool. And third, home prices have sky-rocketed over the past several years and has priced many potential buyers out of the market.

What to do? The market always finds ways to correct itself if you give it enough time. Rates will eventually come back down. Inventory will eventually catch up. In the meantime, buyers will still be able to find a home with enough searching. Sellers will still be able to sell, but at more realistic prices.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

Comments (6)

Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

You are so right about the market trend! We noticed that in Ohio too!

Like a driver lightly tapping the brakes on a car, we are starting to see signs of a slowdown in the real estate market. The overheated frenzy of home buying is not over, only becoming less crazy. 

Jun 13, 2022 05:17 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Peter. Buyers need to buy and sellers need to sell. That never stops. What does slow down is the people who have to do neither. Enjoy your day.

Jun 13, 2022 05:18 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have been seeing a bit of a slow down in my area as well.  People shouldn't take it for granted though.  In any market, a well-priced home that shows well will fly off the market.

Jun 13, 2022 05:25 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Peter - I remember learning in the lecture portion of driver education class in school of the Smith System.  Of course, safety was the message but also to stay aware of what is happening around you.  

Jun 13, 2022 05:55 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Wishing you continued success.  Have a wonderful day and sell a house.  bill

Jun 13, 2022 06:59 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Peter - excellent post.  Yes, it is all in the market cycle.  No one should be surprised.

Jun 13, 2022 09:15 AM