PHOTO: Tony Alexander. FILE
Our fourth survey of licensed real estate agents for 2022 has revealed conditions to be as weak as they have been since the start of the year. First home buyers and investors have backed away, agents report that prices in their area are falling, FOMO is all but gone to be replaced by a record level of FOOP (fear of overpaying) and interest in property from offshore has reached a two-year low.
Agents continue to report that buyers have few worries about their employment and listings are abundant. However, rising interest rates are increasingly concerning and while worries about securing finance has eased slightly, it still remain a significant concern of buyers.
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