And the Fed keeps on pushing the break pedal to the metal by increasing interest rates what seems like every time they open their mouth. And they have expressed that their goal to cool off the economy is to significantly slow down the real estate market and the market in general, even if that may represent loss of jobs.
Many industries are already seeing massive layoffs. Folks with variable interest rates are already seeing their monthly mortgage payment fluctuate significantly. And the recession does not help. Things seem to increase in price every time we buy them.
We work with sellers from all walks from life. Some of them must sell under a short period of time due to situations like foreclosure. But we also work with many people that need to sell for other reasons (property from a deceased one, divorce, family situations, etc.), where the sense of urgency may not be as extreme. We are reaching out to them to move forward if that is what their situation requires.
The over asking price offers are now totally gone. We are also seeing an important flood of AirBnB (short term rentals) properties go into market due to the excess of offer as well as the new, creative options from hoteliers to compete with them. The market is no longer a sellers market, and it is about to turn into a buyers market shortly.
If you need information on how to sell your property or have a valuation on what you could sell for, we are here to help. All this information is free for you and your family.