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Photo credit: Alex Pinck
If you listen to the news all you hear is doom and gloom. I would suggest you limit your intake of all the various soundbites as it gets exhausting listening to all the doom and gloom. I have a friend leading up to mid-term election night who decided to just watch Rom Coms instead of the news. It worked for her and my guess is she will watch Rom Coms through the next presidential election campaign season.
We all know the housing market is changing and that’s a good thing because too many people are/were being pushed out of the market. The percentage of first-time home buyers from July 2021 to June 2022 was only 26%. The state saw a 16.2 percent year-over-year drop in single-family home sales and a 22.9 percent slide in condo sales in September, according to a report The Warren Group released Oct. 18.
Mortgage interest rates have risen but we are now seeing the effect those increases are having on home sale prices. We are seeing longer days on the market (DOM) more price decreases and much fewer bidding wars Forbes to name a few. Sellers have to adjust their expectations and price their property based on the current market conditions. Inventory still remains low which could cause home prices to stay on the higher side. If you are thinking of selling don’t wait too, long as that can backfire as well and further erode your home value.
Market Snapshot October 2022 for Cambridge MA
Want to see your city or town sales data? Email me and I will send it to you.
On a lighter note, we may see a few snowflakes this week, mid term elections are over and Thanksgiving is just a week away.
Hoping you and your family have a fun filled Thanksgiving.
