A Deeper Look at Our Latest Market Update

I answered some questions about what has been affecting our market in this upate.

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I’ve received a lot of questions about what’s causing changes in our market, so I’ve done some research for you to find out what’s happening. I went over our latest numbers in this video, but here are some additional factors that you should pay attention to:

1. Storms. We’ve had back-to-back storms, and most buyers don’t want to search for homes during bad weather. This change in our traffic has led to fewer sales.

There’s been a 17% decrease in under-contract homes in September and it’s continued to drop.

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2. Rising interest rates. Increases in interest rates negatively affect the purchasing power of buyers.

3. High prices. Months ago, the market was fantastic and indicating that prices would be increasing in the future. However, we may have overpriced our homes to a point where buyers are waiting. There’s been a 17% decrease in under-contract homes in September, and it’s continued to drop in October.

If you’re looking to buy or sell a home, have any questions, or need further information, email me anytime at John@ColonyRealtyCorp.com. I look forward to hearing from you.