Our market is starting to slow down, and here’s what that means.
According to the national news media, the real estate housing boom is officially over. To further confirm this, I spoke to a couple of real estate agents I know from other parts of the country who are feeling the same thing. For example, one agent in the southeast told me that she has a listing that has been sitting on the market for 12 days, and a friend in Texas said his listings went from getting 60-something offers to about 30. So today I’m taking a deep dive into the data and sharing where I think our market is heading.
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video:
0:00 — Introduction to today’s topic
1:25 — Rentals in New York City are starting to make a comeback
2:10 — The COVID-19 Delta variant could cause issues, but vaccination rates remain steady
2:55 — The slowdown is likely the result of buyers getting tired and people going on vacation
4:05 — How you can see my market data reports every two weeks
4:45 — Smaller property sales have been struggling for a while
5:10 — More than 50% of listings have expired
5:20 — Properties larger than two bedrooms are flourishing
5:50 — My predictions for our inventory numbers
6:15 — Right now while the market is slower is one of the best times to look for properties
6:50 — Wrapping up today’s topic
If you have any questions about our market or real estate in general, feel free to reach out via phone, text, or email. I’d be glad to help you.