otepp t1_iu5ak9z wrote on October 28, 2022 at 5:30 PM

We're looking at houses now - there's one we like, but not in the area we'd prefer. That said, it seems like houses haven't been coming on the market nearly as quickly, and we're fearing that there won't be anything new from November until March. I know you don't have a crystal ball, but does the market typically go quiet during the holiday months?

Kindly_Boysenberry_7 OP t1_iu5bhtk wrote on October 28, 2022 at 5:36 PM

The market definitely ramps down from Labor Day to Thanksgiving, and typically goes pretty quiet from Thanksgiving through New Years Day. Then once you are into the new year the market slowly ramps up again until the "typical" Spring market. This year the market hit a brick wall in late summer, and it seems like there is less coming on the market than we would normally see in that Labor Day-Thanksgiving listing burst. I have to think it's the interest rate rise, combined with the general economic uncertainty.

That's all based on my personal observation, and gut feel. I haven't drilled down into the actual data, I'm going to do some of that over the weekend.

Ok_Boysenberry_4223 t1_iu7cqua wrote on October 29, 2022 at 2:46 AM

Anecdotally, I know a few people who planned to list later and rushed to market to capitalize on the conditions knowing rates were rising and the economic outlook was murky. I’d imagine others did the same.

gowhatyourself t1_iu947cq wrote on October 29, 2022 at 2:54 PM

The market does slow down around this time, but also consider a lot of sellers are staring down the barrel at the same interest rates buyers are. What incentive is there to move aside from changing jobs? Most people don't want to fuck with the market and are willing to let rates fall before they do anything again.