Market Update: Video (11/7/22)

By Dave Fratello | November 7th, 2022

Our newest video builds on themes from our most recent MB Market Update post, and adds some on-the-ground details from recent transactions. Enjoy!

We hope you'll watch, but here are a few quick takeaways:

- Homes definitely seem to be selling for less now than they would have early this year.

- All 5 of our most recent listings and offers for clients have involved multiple offers (2 or 3).

- Transactions are tense, and buyers are sometimes trying to exercise leverage midstream.

- The market is slower, but sales are happening.

The best advice we have today:

1) Sellers: Price carefully. There are buyers out there, but they're not going to be patient with a listing that seems too expensive for what it is.

2) Limited Inventory = Multiple Offers. Attractive listings are still drawing multiple offers, so don't be surprised as a seller or buyer to find yourself in that situation, whatever the chatter is about market conditions.

3) Buyers: Use leverage wisely. As a buyer, you have leverage in this market. But aiming too low on price, or trying for big concessions during the escrow process, may just mean you don't get the house. Sellers don't all need to capitulate big-time right now.

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