July 14, 2024

2022 Real Estate Market in Steady Decline

ECONOMIST DOWNGRADE THEIR HOUSING FORECAST AGAIN! .. You think they are surprised at how fast things are changing??

With a record number of buyers cancelling on their purchase contracts, housing inventory is rising quickly all across the country, pending home sales are dropping, and now the latest news that spells very bad signs for future housing demand.

2022 Real Estate Market in Steady Decline

2022 Real Estate Market  - San Diego new Central Library

We are seeing the lowest amount of mortgage applications in 22 years. This really is just beginning. The effect of the Fed’s pulling the safety net on MBS is not even felt yet. . .

A quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6% for the current mortgage rates (at the time of filming this video for those with excellent credit).

The States with the biggest Real Estate Inventory Surge to date are Idaho, Arizona, Nevada, and Utah. Metros like Boise, Phoenix, Las Vegas, and Salt Lake City are getting slammed especially hard.

Homeowners should understand, that just because you don’t have to sell at any time in the near future, you’re going to escape this downturn. Just like many didn’t sell their homes as prices escalated, yet their homes became worth more because of demand. In today’s market, the same is true,  now lower sold prices turn into depreciation for existing homes.

Always keep in mind, that purchasing or selling a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.

My opinions here are just that, opinions!  The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!

2022 Real Estate Market in Steady Decline

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