People pay too much attention to the headlines but that's why they're there. Clickbait.
It's far more helpful & reliable to get your real estate information directly from someone who's on the ground, working with Buyers & Sellers, & speaking with other realtors.
What am I hearing?
- Lots of action under $1million, & with properties in the suburbs where you get more bang for your buck, it can mean multiple offers. Over $1million means 20% downpayment so more Buyers under.
- Sellers aren't always waiting & are willing to take offers as they come, as fast offers are usually strong offers. It's about risk tolerance
- For those of us who've been in the business for some time, we're used to Buyers taking a time out after a news event, like higher interest rates, the financial collapse, or even CoVid. That often lasts weeks or even a few months & then,,,many, if not most, jump back into the market. When we're asked "what's going to happen", we can only go by our historical experience. Interest rate hikes aren't a 1 off this time, but are being sustained over months, so only time will tell what its effect on the market will be. We've all become used to cheap money!
- With more expensive properties, Buyers feel they can wait a bit before making an offer. Sellers might be more flexible after a week or 2 on the market.
- Pricing is important to draw Buyers in. They'll sit out an overpriced listing until the Seller is ready to be realistic.