This is an interesting chart that shows even the COVID downturn was not too bad, and right after that, the market increased dramatically. You can see we have not had any serious downturns since the 2008 crash.
The days of bidding on homes with 20 other buyers are coming to an end.
Redfin said under 50% of their offers now have no competing offers, the lowest rate in 2 years.
They also stated that homes that would have had 20 showings two months ago are now getting one or even no showings.
Buyers are also canceling more frequently than any time on record other than the first 2 months of the pandemic.
“The rapid rise in interest rates is causing buyers to change tack and reevaluate their budgets and what they’re looking for in a home,” said Chad Takesue, president of the Honolulu Board of REALTORS®. “New listings are spending more time on the market compared to the frenzy in activity we witnessed last year. Sellers are also adjusting their strategies in response to market conditions. Over the past several months, we’re seeing more sellers decrease the asking price for their properties for single-family homes and condos,” Takesue added.