Business View Magazine l October 2022

121 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 10 LARICY Making big real estate waves T o say that things change rapidly in the real estate sector can be thought of as an understatement. The only constant in the American housing market is change. Although many real estate experts were quick to assume that record high housing prices, multiple offers on a single property, and offers well over the asking price for a given property over the last several years were here to stay, the second half of 2022 has taught industry insiders otherwise. Despite a global pandemic, for the better part of 2020 and 2021 and through the first quarter of 2022, housing prices continued to escalate quickly, and year-over-year appreciation numbers rose into the double-digit territory in some key U.S. markets. Tempting as it was for many realtors to rely on quick closings and offers far surpassing the listed price on many properties, what goes up will eventually come down. As 2022 kicked into high gear, inflationary signs indicated an eventual shift in the red-hot real estate market. With a hike in the Consumer Price Index not seen since 1982 along with rate increases through the Federal Reserve, the days