Do you think that recent tech-focused layoff announcements and Redfin exiting their ibuyer program will further push down buyer demand into Spring ‘23? Do you expect prices to continue to push down as a result?
This is a great question. Between the big 3 tech companies around here, about 1,000 people have been affected by layoffs which isn't a ton but it's also not nothing. How many of those individuals already purchased homes within the last few years? Probably a lot of them. I'm not worried about iBuyers going away; they simply grew too fast and did not have a sustainable business model, especially during times of uncertainty. I think that the feds stance is the biggest factor to be concerned with here as layoffs are also a function of that. Unfortunately, the trendlines are showing that there will be downward pressure on home prices for the foreseeable future...I don't see anywhere else to go but down for the time being. But that all changes if the fed is more dovish in the next few months and, if they are, I could see buyer demand picking back up in Spring of 2023. It's a moving target and a hard thing to predict since there are so many factors but I hope that answers your question. Sorry for the long reply!
All the doom and gloomers gonna be wrong and we're currently at the bottom? That would be embarrassing. There's just still no spike in inventory. So wild!
Well I don’t think we are at the bottom, there is still room to fall esp. if there isn’t a fed pivot soon BUT I think month to month numbers put things into perspective a little bit right?!
Great info Jordan!!
Do you think that recent tech-focused layoff announcements and Redfin exiting their ibuyer program will further push down buyer demand into Spring ‘23? Do you expect prices to continue to push down as a result?
This is a great question. Between the big 3 tech companies around here, about 1,000 people have been affected by layoffs which isn't a ton but it's also not nothing. How many of those individuals already purchased homes within the last few years? Probably a lot of them. I'm not worried about iBuyers going away; they simply grew too fast and did not have a sustainable business model, especially during times of uncertainty. I think that the feds stance is the biggest factor to be concerned with here as layoffs are also a function of that. Unfortunately, the trendlines are showing that there will be downward pressure on home prices for the foreseeable future...I don't see anywhere else to go but down for the time being. But that all changes if the fed is more dovish in the next few months and, if they are, I could see buyer demand picking back up in Spring of 2023. It's a moving target and a hard thing to predict since there are so many factors but I hope that answers your question. Sorry for the long reply!
All the doom and gloomers gonna be wrong and we're currently at the bottom? That would be embarrassing. There's just still no spike in inventory. So wild!
Well I don’t think we are at the bottom, there is still room to fall esp. if there isn’t a fed pivot soon BUT I think month to month numbers put things into perspective a little bit right?!
p̶r̶o̶m̶o̶s̶m̶ 😆