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Showings are down 10% from one year ago. Wages have increased, but inflation is outpacing earnings. In Part 1 of our June real estate market update, Jake and Ben reveal what Jackson, Michigan buyers are doing amidst the current economic pressures. Look for Part 2 on June 22!
1. 2022 Re-cap
During the previous year, the market was characterized by frustrated buyers and very low inventory. Buyers faced intense competition and many wrote multiple offers before winning their next home. Quality homes invariably sold for asking price and above.
2. Shifting Market
The Jackson, Michigan real estate market is changing. Jake Sinkovitz, My Smart Team buyers agent, is seeing more inventory as sellers get over their uncertainty and list their homes. At the same time, fewer buyers than in previous months are shopping. One local lender told Jake that there have been about 18% fewer mortgage applications in the last month, due to rising interest rates. That means fewer buyers per listing.
What Buyers Can Expect:
It depends on the house, but in general, a winning offer will not need to exceed asking price by as much as in recent months.
Competition remains strong, but importantly, there are more available homes from which to choose.
For the first time in a year, the local market is moving toward balance, with higher inventory and slightly less competition for each listing.
See our Jackson, Michigan real estate forecast, including the ways in which the economy is impacting our market, in Part 2 of this update, on Wednesday, June 22.
Works cited
https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-june-2-2022
https://www.youtube.com/watch?v=gh6E5HerxIo
https://www.youtube.com/watch?v=DP9gXCcf7U4
https://www.youtube.com/watch?v=XFDaPyOVvXs
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