Gary Dolch
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"For the first time in 10 months, all the statistics I look at are trending positively."- Compass CEO, Robert Reffkin
Robert Reffkin recently appeared on CNBC where he shared his outlook on the real estate market and the initial positive signs we are seeing in 2023. Here are the 6 reasons why Compass CEO Robert Reffkin believes Q4 of 2022 was the bottom of the recent real estate market cycle.
1. 25% increase in weekly mortgage applications.
2. Mortgage rates continue to move down to a 4-month low.
3. Increase in buyer interest, open house traffic, and offers.
4. In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
5. Home builder sentiment improved for the first time in 1 year.
6. Pending closings were down 30+% at points in the fall but over the last few weeks, we have seen pending listings in most of our markets nearly flat year over year.
Watch the full segment HERE
Have questions about market forecasts and trends, or anything else real estate-related? Don't hesitate to reach out.