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Across the country, real estate agents are showing positive signs of change from the trenches, revealing they are suddenly dealing with overcrowded vacant homes and intensifying bidding wars.
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We all know the story of the housing market in 2022, when mortgage rates skyrocketed, reducing demand for new loans and new homes.
Much of Inman’s coverage over the last year has focused on this shift, and industry debate, both in media coverage and at gatherings such as the recently wrapped Inman Connect New York, has focused on how to thrive in slower markets. are combined.
However, in the last few days there have been signs of change.
In fact, some industry experts indicate they are starting to see packed open houses, multiple offers on housing, and a market that appears to be growing. It doesn’t mean it’s back, but at least in some markets, agencies are seeing what they describe as a new “shift.”
One of the first hints to reach Inman’s radar was a few days ago when Century 21 President and CEO Mike Miedler approached Inman for an Inman Intel article on NAR membership. In the conversation, Meadler said one of his company agents held an open house last Saturday, which was attended by more than 100 people.
Soon, similar stories flooded social media, especially TikTok. In Raleigh, North Carolina, Davis and main agent Pearl Tucker posted Wednesday that “open house traffic is going through the roof” in her area.
@pearltucker_official Beware media headliners, this doesn’t look like a market that’s going to crash anytime soon 😎 I first noticed something was wrong with a house show that had been on the market for 85 days. , came across another show at the same time. 🤯 Spring market is just around the corner 💃 #ncrealtor #ncrealestate #buyersagent #listingagent #marketupdate #realestatelife #raleighnc #carync #claytonnc
♬ Synchronize (Instrumental) – Milky Chance
Tucker also said in her post: New listings are experiencing multiple offer situations. ”
Stories about multiple offers are especially common on social media right now. For example, last week, Ashley Zierer, the originator of his loans at Washington-based Mortgage, shared the experience of a client who unexpectedly found himself in a bidding war.
“The real estate market is changing as rapidly as it did last year,” she concluded.
@ashleyzierer #home #sell #buy #agent #real estate #loan #loan officer #mortgage to see how fast this market changes
♬Original Sound – Ashley Zialer
Texas-based real estate agent Ashley Chapa shared a similar story on TikTok. Her client wants to see the house 48 hours after it’s been on her list, she said. They had a screening scheduled, but by that time the house already had 13 offers.
“The Austin housing market has changed,” Chapa said in the video.
@ashleysellstexas Fourth house in one week. #housingmarket #austintx #austin #texas #finance
♬ Original Sound – Ashley Chapa
Ashton Fay, an agent in Marysville, Wash., said she had a similar experience.In a TikTok post, she posted an image of a normal-looking house that received five offers two days after it went on the market. shared.
“The bidding war is back,” she said, adding that buyers should act now before the spring market heats up.
@ashtonfae It’s happening again! ! ! #realestate #realestateinvestor #realestateagent #housingmarket #2023 #springmarket #springmarket2023 #biddingwars #buyingahouse #homesforsale
♬ Original Sound – Ashton Faye
The list could go on.
For example, an agent in Minnesota says that multiple offer statuses are coming back.
@vanorsdalegroup_realtors Spring Market Launch 🪫—>🔋 #realestatemarket #springmarket #mnrealestate #wirealestate #realtorsoftiktok
♬ Smile and Sunset – ultmt.
And an agent from Arizona made a similar point, adding, “Popular homes are, well, popular.”
@brannonharbur The last month has been full of positive signs of market improvement. Redfin has released a report showing improved buyer activity, increased bid wars and increased sales. #arizonarealtor #flagstaffrealtor #flagstaff #realestateinvesting #flagstaffliving #foryoupage #realestatetips #realestatetiktok
♬ Hey It’s Me – Official Sound Studio
Another agent, this time from Chicago, says the shift is starting.
@karlischillerrealtor Multiple offers and low inventory now available 👀 #realestate #springmarket #chicagorealtor #buyingahouse
♬ What Happened in 2022 – Hendricks Bekitt
And here’s a Maryland mortgage officer who posted on TikTok saying, “The real estate market is going insane soon, and in some places it’s already crazy.”
@theonithelender Spring Market is here! Start negotiating with the home buying game 😏 #mortgage #loanofficer #realestate #housingmarket
♬ Original Sound – Theoni Serender
After all, there were so many videos in the genre that Inman could only bookmark so many before being overwhelmed.
The remarkable thing about the videos is that they come from all over the world. Agents are talking about shifts and bidding wars in the West, East, Midwest, and beyond. As we point out, the conclusions regarding market trajectories are very similar.
Obviously, the video above is anecdotal and does not represent a rigid data-driven view of the market. And there are still signs that there is a problem. Mortgage rates have fallen somewhat, but are still well above their mid-pandemic lows. Layoffs continue in the real estate industry, including 250 job cuts this week. The number of agents in the industry seems to be declining.
But there is also data to back up TikTok’s claim that change is underway. For example, last week Redfin reported that “the housing market has started to recover,” noting a renewed bidding war in some markets in particular.
taylor ma
“Homebuyer demand is still declining from early 2022 highs, but the market is moving into a new phase, with affordable properties selling fast,” said Redfin’s deputy chief economist. , Taylor Marr wrote in the report.
Additionally, ShowingTime reported this week that the decline in home screenings appears to be slowing, with some locations actually seeing an increase in traffic.
Finally, the Fed on Wednesday approved the smallest rate hike in almost a year, suggesting the year-long campaign may be coming to an end. This has greatly facilitated the market shift in 2022. There is room for easing this year.
We don’t know yet what will happen in 2023. Few expected a major rate hike in January 2022. Also, most observers did not anticipate the severity of the market shift. Anything is possible.
But the takeaway at this point is that many agents in the trenches are beginning to see an undeniable change in the residential landscape, as recent social media posts show.
“We’re not out of the woods yet, but homebuyers are becoming on the sidelines,” Marr said in a Redfin report.
Email Jim Dalrymple II
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