Wow! 2022 was an incredibly unpredictable year for the real estate industry! The first quarter carried a momentum similar to the housing rush of 2021. Properties were selling as fast as they were listed, most of them priced above market value. It was common to have several ironclad offers within hours of these listed properties landing on the MLS.
Offers would commonly include non-refundable earnest money and quick closings and come in above the listing price with no contingencies (including appraisal, inspection, or financing) to hold up the seller’s decision. And virtual tours from buyers across the country making offers on properties sight unseen were still quite popular. It was significantly a sellers’ market.
Then in March, we saw our first interest rate hike. That started the momentum of slowing down the purchasing craze. Suddenly properties began to stay on the market longer. As the quarter moved through, we saw the daily closings count slow, a small change in the length of time a property would remain on the market, and the beginning of price adjustments.
Knowing what was coming, we advised our clients on how to stay ahead of the market. Marketing became a significant factor to promote properties and our sellers were able to still experience a successful closing. And our buyers depended on our experience of negotiating, in order to acquire a property within more reasonable parameters.
As the year progressed, we saw six more interest rate hikes. This caused the market to literally swing from a seller’s advantage to a buyer’s advantage. The pace of changes caused many factors, and in this type of market, real estate agents with experience get to put their knowledge and expertise to work. Now to have a property sell in a timely manner, a seller needs an agent that knows how to market their property, negotiate a transaction, and provide clients with the knowledge to take advantage of the current market. Buy Sell Montana consists of ONLY experienced agents to get the job done. This is our time to shine and navigate our clients through the current real estate market that provides opportunities.
2022 was a fantastic year in real estate for us and our clients! We are excited about the challenges and opportunities that come with the new year. If you want an update on what to expect for 2023, please call us. It’s an exciting time in real estate!
Laurie Pacheco, Marketing