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Picket Fence Preview Market Update
Fall 2022 [September & October)
11/12/22 - Traditionally, as the weather cools, so does the real estate
market. This year the Feds sped up
the cooling by pumping the brakes on inflation, increasing interest rates both
in September and most recently, November 2nd. As expected, buyer demand has slowed in
response now that 30 year mortgage interest rates are hovering around 7%.
Whenever there is a significant increase in interest rates, predictably more deals fall through due to financing. We’ve seen a couple instances of that this fall with Picket Fence sellers, but in each case they are able to consummate another sale pretty quickly thereafter. Most PFP sellers are still seeing a healthy response to their ads, and have back-up offers in the wings when deals fall through. While all cash offers are still happening, they are no longer the norm. The market is settling down to a more normal pace and asking prices are beginning to come down. This is certainly good for the long term sustainability of the housing market!
"Good news! We just accepted an offer! Market has slowed down
remarkably... We had about 10 showings. Most were very interested, a few
had to back out of the market after revisiting their budget/ new
interest rates. Still had a few cash buyers (or buyers with a lot of
cash to put down) and interest from buyers with financing, but they
didn't want to pay market price and are definitely looking for a deal. Mostly
had interest from agents from the MLS, although we did have a showing
from someone who saw it on your (PFP) website and did just get 2 more
hits since we received the offer. Overall, great experience with Picket
Fence. Thanks!"
- Michaela D., Georgia 10/17/22 AP= $525,000
Vt County | Ave. Time on Market | Ave. % Asking Price Received |
Chittenden | 13 days | 105.8% |
Franklin | 25.5 days | 99.4% |
Grand Isle | 28 days* | not reported |
Washington | 18.3 days | 97.7% |
Windsor | 15 days* | 100% |
New Hampshire | ||
Grafton Cty (Land) | 2 years* | 100% |
*based on one sale |
Thank you for everything, Toni. You and Bill were very helpful. " -- Ginny G., Richmond 10/17/22 AP $675,000 SP $675,000
"It took a long time, but we did get our asking price. After two years with some interest but no offers, we then received 3 offers in 2 days!"
Deborah Jean Burke Orford NH, Oct 18, 2022, AP = $389,000 (14.9 acres)
As interest rates began to rise this summer, it caused some buyers to drop out of the market, or to adjust their sights on less expensive homes. As such, even with more homes entering the market, the number of buyers bidding on each property was less frenzied. Fewer cash offers were reported, as well as more offers with contingencies. This trend continued through July and August.
Below are Picket Fence sellers’ Time on the Market and Asking price to Sales price ratios per county from June - August 2022:
Vermont County | Ave. Time on Market | Ave. % AP received |
Addison | 20 days | 100.2% |
Chittenden | 13.5 days | 100% |
Franklin | 17 days | 94.7% |
Grand Isle | 27 days* | 100%* |
Lamoille | 28 days* | not reported |
Orleans | 2 days* | 103.2%* |
Rutland | 18.5 days | 100% |
Washington | 17.5 days | 101.3% |
Windsor | 12 days |
101.3% |
*based on one sale |
Source: Picket Fence Preview gathers this data from communication with its customers.
Average number of visits to PicketFencePreview.com in 2021 & 2022
Q1 Jan-Mar 2022 | Q2 Apr-Jun 2022 | Q3 Jul-Sep 2022 | Q4 Oct-Dec 2021 |
49,449/mo | 54,158/mo | 44,124/mo | 46,874/mo |
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