2022 Real Estate Recap
2022 Real Estate Recap
2022 was quite a year! I could write an entire blog about each ½ of 2022 but decided it would be fun to analyze the year as a whole in a 2022 Real Estate Recap!
Working with both buyers and sellers we REALTORS® had to pivot strategies a lot! The real estate market sale pendulum swung from a sellers market, where bidding wars were the norm the first ½ of 2022, to a buyers market where bidding wars were the exception in the second ½ of 2022.
What worked as a sales tactic in the first two quarters did not work in the third and fourth quarters. It was a lot of fun educating sellers and buyers and using “unprecedented” the first half of 2022 and then using “the new normal” the second half of 2022.
The bank of Canada interest rates went from .25% to 4.50% which is a massive swing for 2022. These increases took place over the year and with each rate increase came a slowing of the red hot real estate market. The long range interest rate will stabilize and it is forecasted to decline again for 2024. What this means is: affordability has changed. Being an eternal optimist, the good news is loads of families qualified under the stress test at rates much higher than they have.
As a full time local REALTOR®, it is my duty to keep on top of our local real estate market and to keep up with my continuing education so I can best serve you. This year I took not only my required continuing education courses but I also took courses to obtain the designation of “Elite advocate”, from the lawyer Brian Madigan. This course ties in beautifully with my degree in Psychology and my family mediation certification as it focuses on the legal duties of care we owe our wonderful clients that we represent.
There are always ups and downs in real estate as history shows but if you need to buy or sell the only market you need to know about is the one you are in. When you sell in a downturn market and buy in one, it is the same as buying and selling in the height of the market. Trying to time the market “sell high, buy low” is something we all wish we could predict. I am not a mind reader nor a profit, but what I do offer my buyers and sellers who buy today with team Builds by the Bay is a fully supported, transparent, educational and fun-filled experience on your real estate journey.
Ending the year I also just learned I received the Diamond award and I am top 10% nationally within our Royal LePAGE community of just less than 18,000 REALTORS®. This is a team effort. My cleaners Lighthouse Group, stagers Flair Style Co. and Photographers/Videographer First Showing and Elevated Photos made the homes look great! A special shout out to my media manager Merlot Duncan-Cole who helped with a LOT of back end, behind the scenes social media and MLS listing production. Thank you to REALTORS® in my network who helped with a co-listing, provided coverage or brought an offer. Thank you dear reader for being with us for our 2022 Real Estate Recap, I am looking forward to 2023!
Buy or sell today with team Builds by the Bay!