{"id":1300,"date":"2022-12-19T17:03:57","date_gmt":"2022-12-19T17:03:57","guid":{"rendered":"https:\/\/nohasslelistingblog.com\/?p=1300"},"modified":"2022-12-19T17:03:57","modified_gmt":"2022-12-19T17:03:57","slug":"market-snapshot-december-2022","status":"publish","type":"post","link":"https:\/\/nohasslelistingblog.com\/?p=1300","title":{"rendered":"Market Snapshot December 2022"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Silent Night<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The real estate market is eerily quiet as 2022 comes to a close.&nbsp; After years of record setting numbers, which culminated in the 1<sup>st<\/sup> quarter of 2022, the shift came swiftly and sharply in the 2<sup>nd<\/sup> quarter.&nbsp; Demand dropped precipitously after interest rates spiked \u2013 reaching its lowest level since April of 2008. &nbsp;Smart sellers responded quickly to the plummeting demand by lowering prices and increasing seller concessions to pay for the buyer\u2019s interest rate buy-downs.&nbsp; While the news publicized the large decrease in demand, the equally weakening supply garnered far less attention.&nbsp; Now supply and demand are locked in a seeming battle of the weakest.&nbsp; All of this has resulted in sales dropping a \u201cmassive 45% from a year ago\u201d to quote Michael Orr.&nbsp; He continues, \u201cAfter so many years with strong demand this feels very unusual and a little unnerving. This lack of demand is far worse for re-sale homes than it is for brand new homes, which are experiencing relatively brisk closings and little downward pressure in gross contract prices.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What will the 2023 market look like?&nbsp; As both buyers and sellers avoid uncertain markets where possible \u2013 neither can stay sidelined forever.&nbsp; Demand is more elastic than supply and heavily relies on affordability (i.e. interest rates, pricing, income).&nbsp; A meaningful drop in interest rates could stimulate demand.&nbsp; Sufficient demand will likely bring sellers out of hiding. &nbsp;&nbsp;In short, the spring buying season will tell the tale.&nbsp; When it does, we will be the first to report it to you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the meantime, we wish to thank all of our loyal and cherished friends and clients for your support.&nbsp; We wish you all a very happy holiday season and New Year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russell &amp; Wendy Shaw<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Mostly Wendy)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Silent Night The real estate market is eerily quiet as 2022 comes to a close.&nbsp; After years of record setting numbers, which culminated in the 1st quarter of 2022, the shift came swiftly and sharply in the 2nd quarter.&nbsp; Demand dropped precipitously after interest rates spiked \u2013 reaching its lowest level since April of 2008. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1300","post","type-post","status-publish","format-standard","hentry","category-real-estate-market"],"_links":{"self":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1300"}],"version-history":[{"count":1,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1300\/revisions"}],"predecessor-version":[{"id":1301,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1300\/revisions\/1301"}],"wp:attachment":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}