OLDFIELD MAY 2022 MARKET REPORT
Press play on the video below for an update with the latest stats and details as well as insight on the Oldfield real estate market.
A “Shift” in the Market
The recent headline in the Wall Street Journal says it all, “Rising Rates, Prices, Cool off Home Sales.” However, you need to look at all the data before you jump to conclusions.
I was talking to someone who commented about the market slowing down. He said he was watching the news where it talked about the national real estate market.
I asked if he happened to see the national weather forecast this morning and he replied, “There is no national weather forecast, all weather forecasts are local.” And I said, “Exactly, just as there are no national weather forecasts, there are no national real estate forecasts.”
My point is, take some of the negative press with a grain of salt. Yes, as I acknowledged in my title, there is a “shift” in the market, but it is not a universal shift. It varies depending on region of the country, community, interest rates, supply of inventory, days on market, price range, employment data, and first-time buyers versus retirement buyers, etc. It also includes migration trends like people leaving the big cities and relocating to areas like Bluffton and Hilton Head.
The good news for buyers is that now there are homes for you to see, whereas several months ago there were very few homes on the market for you to view.
As I have been sharing with my clients for the past several months, if you are considering selling within the next three to six months, do it now. With the rising interest rates, inflation, the Ukraine/Russia conflict, volatility of the stock market, supply chain issues, and negative news in the press, it is a good time to cash out.
With contradictory information in the marketplace, it is more important than ever to have an experienced realtor help you navigate the waters whether you are buying or selling. Give me a call and let me put my 42 years of experience in the Hilton Head/Bluffton area to work for you.