With mortgage rates recently hovering over 6 percent, home sales cooling and the uncertainty of a recession looming, what are the experts saying about housing trends in the fourth quarter of 2022? Q4 is when typically the housing market slows to the slowest three month stretch of the year, so whats going on with the supply and demand?
Hi, I’m Tanja Odzak, Our East Bay Home and eXp Realty and I sell houses here in Oakland, Berkeley,and the East Bay.
According to Selma Hepp, chief economist lead at Corelogic,“Current mortgage rate increases will likely put another damper on home sales activity, resulting in a greater decline in sales than historically seen at the end of the year fourth quarter.” This means there will be more supply and less demand on the current inventory.
So as the market continues to slow, what is the best advice for home buyers and sellers who absolutely need to buy or sell in the 4th quarter? For sellers, price your home correctly and possibly make some seller concessions rather than risk your property sitting on the market for a length of time. According to Greg McBride, chief financial analyst for Bankrate, “Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
For homebuyers, if you are in a strong position to buy, buying a property during the 4th quarter might be your best strategy to take advantage of all the opportunities of a slower market… like more houses to choose from, possible lower prices, seller credits, and concessions. Then after purchasing, refinancing your mortgage down the road when rates become more affordable might be the best option.
And if you’re looking for an agent that will give you the straight scoop, give me a call. I’d love to give you the latest update on mortgage rates, inventory and prices so you can make the best educated decision.
And if you or someone you know needs to sell, ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them offering my super duper digital marketing that… no one else does in our area. I’m Tanja and I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?