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Video Transcript Below
Is the housing market crashing or is it normalizing?
Is the market crashing?? Here’s my take. Has the real estate market returned to normal after two years of unprecedented growth? The market is normalizing, not crashing. What does the shift in the market mean? Will we continue to see spikes and swift changes in the coming months? Here’s another time I like to reference the experts. Hi, I’m Tristan Colborg, The Denver Real Estate Agent, and I am here to help you make the best decision about your real estate needs.
With the number of homes currently selling slowing down, we are seeing the market start to look more like it did before 2020. Looking at this graph from the National Association Of Realtors, projections show home sales returns.
The last two years have been unprecedented in terms of the sale of homes. Going back down to numbers like 2019 is not a bad thing! We had a good market at that time! But there is still more work to be done to get to that point. Danielle Hale, Chief Economist with Realtor.com, says, “Active inventory continued to grow, rising 21% above one year ago…In other words, we’re starting to add more options, but the market needs even more before home shoppers have a selection that’s roughly equivalent to the pre housing market.”
“Active inventory continued to grow, rising 21% above one year ago…In other words, we’re starting to add more options, but the market needs even more before home shoppers have a selection that’s roughly equivalent to the pre housing market.”
Also, interest rate hikes have made it harder for buyers to qualify. But it’s not much different from last year when they had to offer significantly more than asking to get their offer accepted. Instead of offering more than asking, buyers are now competing with higher interest rates. But, there are options, and I can help you analyze things you may not be thinking about when deciding on buying. Contact me to learn more about the market and if your next real estate move is right for you. Again I’m Tristan Colborg, The Denver Real Estate Agent, and remember, you deserve an elevated real estate experience.