A NOTE FROM RENEE LOSSIA ACHO
Homes By Design - July 2022 edition
It's hard to believe we are halfway through the year and are once again feeling the effects of how quickly and aggressively our economy continues to change.
Despite aggressive mortgage hikes soaring past 6%, climbing inflation, and stock market sell offs, the residential real estate market has remained strong. Why? Well, perhaps these issues have not caught up with buyer demand, or perhaps it's because supply is still so low that it's stabilizing prices. Despite the Fed's attempt to slow down the economy with what is being called a forced recession, what can't be controlled is supply - and while there is still considerable demand, prices remain steady.
Regardless of the why, there are still limitations true to every market. We have discussions daily with clients who want to list and take advantage of what remains of the sellers' market, but that doesn't mean homes will sell at any price. We know home values currently are reaching 25% and 30% increases across most areas of Oakland County, but buyers are aware of the impending slow down & looming recession, and that home values are still considerably inflated - which means price remains the driving force and there is a cap; going over that value will not translate to a sale even in this market.
Yes, it's tricky but we have still successfully navigated the process for our clients and remain mindful of each individual situation and strategy. That's what this market is very much about: informed strategy and knowledgeable guidance. There are always markets and locations of sustainable growth; having an expert on your side to help you through the process from sale to purchase is the key in every market and this one is no exception - in fact, it's more important now than ever.
As always RLA is here to be your expert in all things real estate related, you know where to find us and we are honored to assist.