The Real Estate market has changed a lot since January, and you can see the changes in the graphs below. By looking at them, you can see the state of the market. On the left column, you can click on the different reports.
The Homes for Sale has been steady; it’s a bit down but not much.
Now click on Closed Sales, and you can see that starting on April 22nd, 2022, that number fell sharply. Meaning that much fewer Lofts are selling, and if you want to be one of them, you have to be price aggressive.
Now Pending Sales are also down, which shows is not improving.
Now look at Months Supply and see how sharp it is going up.
What it all means?
For Sellers: Competition is fierce, and buyers are only buying places that they find to be a deal. When the market is going down, buyers buy with the future in mind, and right now, they think will be lower in the future, so they don’t want to pay the market price anymore; they want to pay lower.
For Buyers: Now you have more options and fewer multiple offers, prices will go down slightly, but not as much as you think. At least you have more leverage and power, but interest rates are higher, and if you were approved for a number before, it might be lower now, so make sure to check with your lender.