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THE 2022 REAL ESTATE MARKET:
It’s difficult to place a “once size fits all” approach throughout everything – although, some markets have already started to see a net decline. In fact, Boise Idaho saw more than 60% of their sellers issue a price reduction, along with 50% of sellers dropping their asking price throughout Denver, Colorado, and Salt Lake City, Utah. As a BUYER – fortunately, you’re in a good position to negotiate, make lower offers on properties that have sat on the market, and – not worry about losing a deal, because – most likely – another one is already listed.
Realtor.com found that “the share of homes that reduced their list price reached 14.9% in June versus 7.6% a year earlier” – meaning, sellers can no longer ask unrealistic numbers and GET IT…but, even as of recently: nearly 5 offers are being received for every property sold, with more than 50% of buyers still offering over list price.
Just recently, a Realtor.com analysis found that – in metropolitan cities – rent increases have finally begun to slow down, and – in some locations – EVEN REVERSE – as demand begins to subside. In large cities, rents have simply increased to a price that tenants are unable to pay. Bloomberg noted that, after rents rose almost 12% year over year on the average 2 bedroom apartment…they’ve begun to come back down…with a decrease of 2.9%.
So, overall…it’s definitely apparent that…we are finally beginning to stabilize, and enter a new phase of normal that isn’t just “prices keep rising indefinitely.” From what I can see, mortgage rates have begun to hold firm…and, even decline to 5%…prices are still increasing, albeit at a slower pace, and rents are only going to go as high as tenants can afford.
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For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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