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What's the Market Doing?

Thursday, August 18, 2022   /   by Margie Wright

What's the Market Doing?

We're past the halfway point in the year! Anybody that has been watching the real estate market knows that it's been a hot and heavy seller's market for a while now. Buyers have been facing bidding wars and low inventory, but at this point in the year, what are we seeing now? Is there any change?

The housing market is slowing down! It may not seem like it, but there has been a decline in home sales in recent months. This is a good thing for those actively looking for a home to buy as it means that more inventory is on the market. It also means that homes will start decreasing in price the longer they start on the market. 

But when it comes to prices, they are still staying higher than what they used to be. Though we're seeing plenty of homes being reduced in price from staying on the market longer, many buyers are still waiting for lower prices. This can mean more waiting for the perfect home and also facing rising mortgage prices. Many first-time homebuyers are staying on the wait and see path before jumping in because of these higher prices. It's possible that you could lose out on the home that's right for you in waiting, but it's also understandable to want to wait and see if prices start dropping more.

  homes, homebuyers, buyers, first time buyer, financing, home sellers, sellers, offers, first time seller, real estate market, market report

Hurst Real Estate and Auction - Margie Wright Property Marketing Group
Margie Wright
221 East Main Street, Suite 103
Morristown, TN 37814
423-312-9220
423-353-1112

The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORSĀ® Multiple Listing Service. Ā© Copyright 2022. All rights reserved. This information is being provided for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumers may be interested in purchasing. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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