Hamad Al Wazzan | The market frenzy is cooling down

 

The pandemic created a frantic real estate market in much of the United States that has yet to let up, with demand for housing still outpacing the number of homes coming on the market.  “For the last two years, sellers had a heavy upper hand in most of the country, however things are about to change”, says Hamad Al Wazzan, a real estate expert.

 

He says that the market has started to cool off a bit In the summer of 2021.  “I believe that this a sign that the wild price appreciations of the past year may have scared off some buyers who prefer to wait until things calm down, to stay put or to continue renting. There’s a lot of buyer sticker shock, people who are a little more investment oriented or who maybe already own a home have pulled back” added Hamad AlWazzan “If prices have gone up 20 percent and then dip 2 percent, it’s not the end of the world. It may also signal the return to a normal seasonal dip with many schools back in-person and delayed summer vacations finally underway”, he added.

According to Hamad AlWazzan, in 2020, the market came to a near standstill after Covid lockdowns hit in early spring — typically the busiest home buying season of the year. But it roared back to life during the summer, with people upgrading to larger homes or leaving cities for suburbia, even as inventory fell steeply across the country. Home buyers continued to flood the market with demand through the fall and winter, peaking this past spring. “For buyers looking for smaller, entry-level type homes, that’s good news. I still wouldn’t say those homes are plentiful, but there are more of them for sale now than there was a year ago”, explained Hamad AlWazzan.

Nationally, the average home took 38 days to sell in July, up slightly from 37 days a year ago, another sign of things slowing down a bit. The number of homes listed for sale was up 6.5 percent in July versus last year, which Hamad AlWazzan said is a leading indicator of where the market is headed. “It’s still going to be a competitive market, but we’re going to start to see more balance”, he concluded

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