June 2022 Real Estate Market Update

The U.S. Housing Market Has Come To A Grinding Halt!

The U.S. Housing Market Is Officially Tanking. Record High inflation Has Caused Gas Prices, Groceries, Building Materials, and Everything Else Consumers Purchase On A Daily Basis To Skyrocket. First Time Homebuyers Are Unable To Afford To Buy A Home Let Alone Pay Record High Rent. When Will It End?

If you are selling a home in Dayton Ohio or a surrounding area, you better buckle up and prepare for a bumpy ride. The real estate market has shifted harder and faster than I have ever seen or could have imagined. Buyers are leaving the market by the hundreds of thousands and begging to renew or extend their current rental agreement. We are facing record high fuel prices, record high inflation, and 16-year record high interest rates, which continue to rise. When mothers can’t feed their babies and a family of four pays an average of $400.00 – $600.00 per month more in groceries, the last purchase people are thinking about making is a new home that is listed for sale at 12-16% over asking price. The Fed has recently stated that interest rates will rise 2-4 more times before January 2023 and eventually reach 8-9.5%. Within the last week, we have already witnessed home prices being reduced by an astounding $10,000-$20,000 and have even witnessed some sellers altogether removing their home from the market. We hate to be the bearer of bad news, but we cannot dispute the facts. U.S. consumer confidence is at an all-time low, people are hurting, and the chatter is deafening. We have warned buyers and sellers of this time and time again, do NOT allow greedy agents and real estate trade organizations to feed you “sales propaganda” that solely benefits their agenda and lines their pockets.