No matter where you go, or who you talk to, there is speculation about the housing market … and what’s next? 

With the housing market taken to unprecedented heights, homeowners who sold within the last two years received a bounty of equity. Skyrocketing home values, multiple offers, and interest rates falling below 3% opened the floodgates of the pandemic push to buy, sell, and refinance,  resulting in the perfect storm. 

So, what’s happening in our local housing market today?  Warwick currently has 104 single family homes listed for sale in the Hudson Gateway-Onekey MLS, ranging from $139,000.00 to $9,500,000 within the Warwick, Greenwood Lake, and Florida school districts. Warwick currently remains in a housing drought with extremely low inventory. 

Of these 104 properties listed for sale, there have already been 30 price reductions in the last few weeks as we come to a close on the summer 2022 market. We haven’t seen price reductions in years, as the last two years of low inventory and high buyer demand sprinkled with affordability (low interest rates) was the match that ignited the pandemic housing boom.

Interest rates have played a key component making homeownership affordable on the upswing and yet, now potentially unaffordable with increased rates coupled with high market values, resulting in monthly payments of hundreds of dollars more, sidelining buyers. 

Affordability is the ultimate factor and will dominate the direction of market values as we come into the fourth quarter of 2022, for both buyers and sellers. 

For more insight on your home value, real estate questions, and to discuss your personal real estate needs, my door is always open to help guide you.