The Schizzo Market

I was scratching my head thinking about what I was going to write about this month. So many of my clients, friends, and acquaintances ask me about the market. Currently the market is an unpredictable schizophrenic and truth be told, I’ve always known it as being highly competitive, multiple offer situations, and disheartened buyers walking way in tears because $100K over is too rich for their blood—and mine.

We’ve had this very strong, very long lasting market, but as with all things, change is inevitable. We are seeing drastic dives in home sales, the 24 hour sale is becoming a little sluggish, and the question of are or aren’t we in a recession is prevalent. It’s all connected, from the war in Ukraine to the record high eviction rates to the pandemic, we’re now playing tug of war.

Housing prices aren’t lowering that’s for sure and demand is still up there. Inventory is getting a little better, as we are seeing more listings pop up. Yes, folks, those Realtor letters filling your mailbox is no mistake. It’s an ideal situation for all those moving out of RVA or downsizing, but you first timers are feeling the sting of your outbidded tears still.

The best advice I can give to any first time home buyer is patience. If you can’t buy right, open up a savings account and stick it all in there and continue to build those funds because this won’t last forever and interest rates will lower again. What I find helpful in these times is to talk to lenders. The money people have great ways to guide and also give great information on what’s happening on their end.

Two of my most recommended lenders are Mark Horton and Octavio Wilson. Mark knows his stuff and is very good about informing clients and Octavio is equally as good, but with my Spanish speakers. Mark has a podcast that is proving to be quite informational and also a way to ask questions without the commitment of sitting in an office when you are unsure about what you are doing. Check out his videos and feel free to reach out to him or my other preferred lender, Olivia Smith and plan, plan, plan. Then come talk to me and I’ll do the rest!

Check out and subscribe to Mark’s podcast: