Todays Real Estate Market

Dated: February 17 2023

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The real estate market is constantly evolving, with new trends emerging each year. In recent years, the market has seen significant fluctuations due to the COVID-19 pandemic and changes in consumer behavior. As we approach the midpoint of 2022, here's a look at some of the latest trends shaping today's real estate market.

1 Low inventory and high demand: One of the biggest challenges in the current real estate market is the shortage of available homes for sale. Many homeowners are hesitant to put their homes on the market due to concerns over finding a new home, COVID-19, or uncertainty about the future. This has led to a surge in demand for available properties, resulting in increased competition among buyers and higher prices for available homes.

2 Increase in home prices: With high demand and low inventory, home prices are at an all-time high. According to the National Association of Realtors, the median price of existing homes sold in December 2021 was $310,800, up 13.4% from a year ago. This has made it difficult for first-time homebuyers to enter the market, as they may not have the financial resources to compete with other buyers.

3 Rise of remote work: The pandemic has transformed the way we work, with many companies allowing their employees to work remotely. As a result, many people have moved away from big cities to less expensive, more spacious suburban or rural areas. This trend has resulted in an increase in demand for homes in these areas, driving up prices.

4 Interest rates: Interest rates have remained historically low in recent years, making it an attractive time for buyers to enter the market. However, the Federal Reserve has signaled that it may begin to raise interest rates in the coming months, which could lead to higher mortgage rates and dampen demand.

5 Increased use of technology: With COVID-19 restrictions limiting in-person interactions, the real estate industry has had to adapt to virtual showings, digital documents, and online closings. These technological advancements have made it easier for buyers to navigate the home-buying process, and they are likely to continue to play a significant role in the real estate market moving forward.

In conclusion, the real estate market is currently characterized by low inventory, high demand, and rising prices. The pandemic has had a significant impact on the market, transforming the way we work and live. As we move further into 2022, it will be interesting to see how these trends continue to evolve and shape the real estate market.

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Ryan & Megan Winslow

Making their first foray into real estate in 2009, Megan & Ryan Winslow applied entrepreneurial business acumen, housing market knowledge, effusive charisma, and personal experience to every trans....

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