Renner Group Year-End Market Recap
The 2022 real estate market in Central Oregon started out on the same upward trajectory as we experienced in 2021. Sales were strong through April, but a noticeable shift took place as we made our way through May and into June.
The increase in interest rates tamped down buyer demand and the recent norm of homes going pending within days and the multiple offers that accompanied were on a downward trend. Since then, homes have been on market longer, most are selling under asking price, and you can actually ask for a home inspection again. While the current market might feel like it’s come to a halt compared to earlier this year, it’s really just a return to normal. It was the last two years that were abnormal.
So now we need to adjust to the new reality – higher interest rates, lower home prices, and more inventory to choose from. The interest rate on my first home in 1997 was 7.875% and I didn’t bat an eye – that’s just what rates were and I was happy to have a home. If you’re shopping for a primary residence and you’re ready to buy, then buy and if you’re ready to sell, then sell.
Have questions? Reach out to us and we’ll help you understand the market and provide recommendations so you can reach your goals.
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It’s known that relationships are a cornerstone of happiness and living a full life. We believe and have experienced for many years that building connections with our clients is the key to a successful real estate transaction. We strive to gain our clients’ trust and getting to know each other helps us as we work to sell your home or find your dream property. The end result is happy clients and long lasting friendships.
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