You're not crazy, but the housing market certainly is.
I want to give you a little bit of a data-driven validation to likely what
you're feeling. You're probably feeling tired, frustrated, exhausted, uh,
tired of hearing about the housing market and things that are going on,
but sometimes it's nice to be reassured by, oh yeah,
this isn't just me feeling this, this isn't just my emotions getting caught up.
This is actually,
there's a lot of stuff going on that is bringing into this place where I'm just
feeling really exhausted with,
with what's going on in how's in the housing market world. Right.
And so there was a report put out recently where just under 50% of
homes on the market are selling above the listing price. Of course,
you'd be frustrated.
Half of the homes that you're seeing are selling above what you're seeing them.
Supposed to being sold for. Did that sentence make sense?
It's super frustrating and taxing.
And the national association of realtors also put out their realtor confidence
index survey in April. Um,
and I wanted to just touch on a couple things in here where, you know,
for instance, just right off the bat, we're seeing, you know, realtors,
expectations of buyers coming to the market, uh,
over the next three months is still remaining, uh, super strong.
We're also seeing crazy high buyer traffic that,
that doesn't seem to be slowing down.
And we don't see a lot of increase in sellers coming to the market.
Either. Also we're seeing.
Median days on the market being 17. So, um,
last year this was around 29 days announced 17 days.
So a home used to be on the market for 29, almost 30 days, a full month.
And now it's just about half of that, right?
Because of the shortage of inventory.
We're also seeing that 31% of buyers are first time home buyers who are,
uh, likely all competing on these homes.
And a lot of those people don't have the necessarily the luxury of being
able to be out of the housing market. There are a lot of people who are in it,
not just because they want to move,
but because they need to move because of maybe something happening with the,
where they're currently living,
or they need to relocate for some other logistical.
Uh, reason on.
Top of that,
you have 25% of offers being cash,
right, or sales, I should say, being cashed. So one fourth,
one out of every four transactions closing is cash.
And so it's super difficult to compete if you have financing also, um,
it's important to know there's a, there is a little a dot down here. Um,
it's not 50 it's five, but, uh, there are five offers on,
uh, on average on every single listing. So, uh,
you likely are competing against, uh, for other people on average for a home.
And so it's super taxing, not only that, but then you get under contract, um,
and you can see kind of why a deals might be coming apart.
So we can see right here.
So 73% of contracts were settled on time. All right.
So they were within the contract bounce 25%,
either a didn't close on time or didn't close at all.
And we can see 5% of the contracts were terminated. Um, 22%,
didn't close on time. And if we looked okay, why were there delayed contracts?
25, 26% of the time, a fourth of the time,
it was because of appraisal issues and for deals that were terminated.
You can't see it over here,
but this is 15% were terminated because of
appraisal issues.
Now there's some people who are talking about potential good news around the
corner, right? We're seeing, um, pending sales dropping 10% in the last month.
We also see a mortgage purchase application.
So people applying for mortgages dropped 4% week over week.
And so this could, um, this,
we could infer two different things from this either that's,
we're maybe at the height of the market,
maybe this is the hottest it's going to get,
and we'll probably see things be hot for the rest of the year,
but maybe they'll start to cool down.
Or what I think is probably more accurate is that I think we're seeing a drop
in, um,
in the purchase applications and pending sales because there just isn't a
lot of inventory. And so it really can be both,
it's a little bit difficult to discern and say exactly why are we at the top of
the market or things slowing down simply just because there isn't a lot of
inventory to be able to move on,
which is also lowering the amount of purchase applications.
As well. Um, and.
So it really does look like this market is going to continue to stay strong.
It's difficult to say like,
is it going to have the same momentum through the end of the year,
but I don't see things really turning around through the, uh,
the rest of the year, unfortunately,
unless we see really big shifts in the market. So I just want you to know, like,
you are not crazy for feeling overwhelmed, stressed, um,
and maybe even defeated by this process.
If you're just like tired of tired of seeing housing market videos,
I totally get it. If you're tired of being in the housing world,
I completely get it. And if you have the luxury of not needing to move,
right, there are a lot of people who need to move because of logistical reasons.
Uh, there it's an actual need that they have to go move and find a home. Um,
but if you're not in that space and you're just feeling completely overwhelmed
and exhausted now might be a great time to take a step back,
to take a little bit of a breather, um, if,
if you can and have the ability to do so,
because it's so easy to just continue to feel defeated and defeated by, uh,
everything moving quicker than you might be able to feel like you can keep up
with them. Right? And so it's a, this is a tough market. And if you're in it,
I'm super sorry that you have to deal with us and go through it because it is
exhausting and you're doing everything within your power to do it,
or you're falling all the steps.
You're doing all the things that you're supposed to be doing. You're,
you're following the plan that people are given to you,
and you're trying to provide for your family and for your future moving forward.
And I know that that's super tough, especially with, um, how, how,
uh, destructive it can be emotionally to put in offers and to keep seeing that
rejection happening over and over again.
So if you can take a step right out this wave,
my hope is that it continues to, uh, you know, that it can slow down and,
and hopefully we can see the market maybe reverse a little bit in buyer's favor
in the future. But until that happens, take a break as you need to, to,
uh, get back to some calm, if you can.
So you don't feel so taxed by this housing market.