Mid-Year Update for 2022
Posted: June 28, 2022 by MOLLY J. McMAHAN
Over the past months there has been a seller’s market, however, according to a recent Coldwell Banker survey, 46% of American homeowners are not sure of the current value of their home. Knowing the value of your home can be challenging in this market with over 120 months of consecutive year-over -year increases (the longest streak on record). The National Association of Realtors also reports existing home prices were up 14.8% over 2021.
While we are no longer seeing 1 or 2 days on market, 88% of homes sold in May 2022 were on the market for less than a month. Despite fears that there is no space for first time buyers in this market, buyers with a trusted agent, pre-approval, patience, and positivity- don’t despair, properties are available!
Coldwell Banker McMahan in our affiliation with Coldwell Banker LLC has been a leader in marketing and messaging to buyers, 14 years ago we were talking about how important homeownership is in the face of the financial crisis. Today, it has been proven that buyers do not need emotional convincing to purchase a home and there are less homes to meet current demand. Lack of inventory is our greatest challenge.
When so many people do not know the current value of their home Coldwell Banker developed the CB Estimate which gives consumers a free, instant, online estimate to kickstart their new adventure.
Coldwell Banker has also developed a tool, Move Meter, to help people compare various statistics from different locations to compare their current home city to a new one. This took takes into consideration quality of life, job market, affordability for both home and living. With many jobs no longer tied to a physical office, telecommuting has made living anywhere in the world more attractive and viable for a segment of the workforce. 41% of employed Americans would be willing to take a pay cut or accept a new job with a lower salary to move to a more affordable location.
If you are thinking about a change in location or size, please let us know how we can help you achieve your homeowner dreams.
Sources:
https://blog.coldwellbanker.com/spring-dream-survey/
https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-salessub
