5 reasons why Robert Reffkin (Compass CEO) strongly believes Q4 of 2022 was the bottom of the real estate market.
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“For the first time in 10 months, all the statistics I look at are trending positively.”
Compass CEO Robert Reffkin
- For the first time in 10 months statistics are trending positive
- Home builder sentiment improved month over month for the first time in over a year
- 25% weekly increase in purchase mortgage applications
- Closings were down 30% in the fall - today, they are nearly flat in the overall market
- Mortgage rates continue to move down to a 4 month low
- Mortgage rates in January 2022 went from an all time low, to a 20 year high in less than 9 months, which created a sharper decline in real estate transactions. With mortgage rates starting to work their way down again, more buyers have come back to the market.
- Strong increase in buyer traffic
- Buyer showing requests across Compass websites are up substantially
- Open House traffic is up
- Number of offers are up
