For some of us 2022 was a GREAT year! If you sold a home early on you probably sold for the highest profit we will see for quite a few years to come. But homeowners still have lots of equity and interest rates are going to cool down soon so hang tight and plan.
People who cashed out stocks to buy were willing to pay 300-400 K over asking without too much worry. Property inventory was tight but not impossible to find a good home as investors were improving property for sale and building was strong. If you bought a home - well you have one at low interest rates which have now almost doubles from the all time low.
Sellers are seeing 7-25% decreases in their property values now particularly in the entry level - that is below 1.2 million dollar mark. The 1 million dollar home is still selling quite well. Santa Clara median price is 1.3million - wow! With property taxes and 20% down that is over a whopping $7000/mo payment compared to renting property at $3500/mo and not seeing improvements looming on the horizon. High end markets - well they are not as affected 2.5m and up.
Saavy investors are now waiting so the market is definitely slow. In all reality never do what everyone is doing -- this might be the best time to buy a home particularly if you don't mind rain boots.
