At a traditional meeting of the NCRI Plovdiv College we discussed the trends that are shaping the real estate market towards the end of 2022 and that will shape it for the coming 2023, so here are some of them.
According to NAR, the market movement in the states is as follows:
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Year-over-year decline in transactions - 24%
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Year-over-year decline in viewings - 19%
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Decline in sales in 8th consecutive month
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Average length of time a property has been on the market - 3.2 months
The following views were expressed during the discussion:
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Most clients are in a wait and see position.
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There are still bargains available from the banks.
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Too high prices will leave many properties on the market for a long time.
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Bank approvals are already quite lengthy and transactions are taking over 2 months.
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2020 and 2021 was abnormal growth.
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A lot of people came back from overseas.
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Consumers are running out of cash.
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Downtown area is maintaining interest and raising prices.
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There are a lot of resellers in the market.
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Prices are not going to drop in shock.
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There will be more and more price bonuses.
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There is a serious drop in resellers.
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There are still locations that are selling.
