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Real Estate Market Update September 2022

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Did you know that here in September 2022 that 82% of the new homes now being listed are selling in about 30 days? Even with the new normal interest rates being between 5 and 6%, homes are still selling.

Hi, I’m John Herman with PropertyUp and I sell homes in the NW suburbs of Chicago.

Now the flip side of the average 30-days sale is the stagnate inventory and homes and Land for sale just coming off the market. Even with the current low inventory, we are seeing, some homes not selling and just sitting on the market gathering dust and missing out on the edge of the peak of our real estate market. These are the homes and homeowners who have not yet caught up with the buyers pain of the higher monthly payments the buyers will now have because of the interest rate and sellers not adjusting to the current market. I had a great mentor who once told me that you cannot lose what you don’t have and that rings no truer than our current situation we have here in September 2022

Now a quick hard fast rule for interest rates is the 1%/10% rule, the 1/10 rule states as Interest rates go up by 1% Buyers Purchasing power goes down 10% and this also works in the opposite as rates go down.

Another way to understand the real estate market’s competitiveness is to look at buyers who are waiving contingencies on their offers. As a buyer, contingencies are things that can protect a buyer during the purchase process, and before rates climbed buyers were dropping continencies like a hot potato and then adding more risk by signing off on Appraisal gap documents, Now most buyers are keeping most if not all contingencies in a place like inspection, financing and alike and appraisal gap documents are like a story from the good old days.

So our real estate market is still strong by any standard. Interest rates are stabilizing at the new normal of between 5 and 6 percent and deceleration is the new buzzword being thrown around for the real estate market and is pretty accurate for what we are all going through.

I am john Herman of PropertyUp and can you do me a favor? Make it a great day today!


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