Market of the Moment - 7/8/2022

[Alan Walker]

We are now over 900 active homes in Salt Lake county under 700k. Pendings and solds are both down. Interestingly, the days on market decreased also.

Many people are taking vacations in July and August, so not totally uncommon to see a slow down. The current slow down is really all about interest rates and buyer sentiment.

188 price reductions and 11 expired/withdrawn homes in the last 7 days. If median price went down by 10%, is it really that bad? We had 30% appreciation last year to this year, so even if prices dropped 10%, we are still 20% higher than last year. We need to keep things in perspective.

Today someone asked me if the bubble has burst. I don't think so. We all have collective amnesia to what a normal market looks like. Sellers now have to have patience and buyers now have choices. Oh how the tables have turned! 😂

We are still in a healthy market. If I could give one piece of advice (free and worth every penny), it would be
CALM DOWN MARY! The sky isn't falling. Everything is a cycle. No cycle goes up to infinity.

Real estate is a long game. Up to now we've been power walking through a mall. Now we are just power walking through a mall with ankles weights........and a rolled bandana just like Olivia Newton John in the Physical video.