Fall 2022 Outlook

The fall market outlook is everyone’s mind, with current market conditions. With the market apparently changing and things are seeming to cool down? But is that the case in our area? The market is showing signs of slowing and that can be contributed to several things. Of course the obvious is the interest rate hikes that have been implemented to try to stop inflation. What the effects of that increase will be down the road are unknown? But depending on what your interest are in buying or selling? It will be a factor of how things go with either endeavor.
What a Seller can expect is potentially longer days on the market if trying to get their home sold.  What buyers can expect is to of course paying more for lending. But the other effect is potentially opening up more options to purchase. With some people stepping out of the buying process, and potentially becoming unable to buy. This would be a good opportunity for buyers. With less competition in the buyers market, this may be a good situation for anyone still looking to purchase.

The market is still showing very low inventory, which for sellers may still keep you on the radar for buyers. Depending on how the situation in some areas are, some homes are still desirable for buyers. But being ready for a longer period on the market, placing your home in the correct price rage is never more important. Yes, homes have been selling for record prices. But with that being said, most buyers are now more focused on what they can afford. That does not mean you cannot get above asking for your property. But with the current inventory, buyers will be searching for homes that fit their financial needs and will start looking in that range.

The number one thing to remember is if you require lending, know your limits. If you are a buyer your pre-approval is never more important. Just by locking in the current rates alone can save you thousands down the road. In addition, to know what you can and cannot do may be the difference of getting you into a home you want. Pre-approval letters are never more important in a bidding war between buyers.

Fall is a great time to buy or sell, don’t let the change in seasons change your outlook on what your looking to do with your property. Lets get started today on making your real estate dreams come true!

Keith S Shaver

Realtor/Salesperson

www.keithsshaver.com

304-667-3411

Thomas H Johnson, Broker of Record 174 Northridge Drive Lewisburg WV 24901 304-645-1242