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IT WAS A VERY GOOD YEAR
Our Best Brokerages issue has gone to press, and the key takeaway is a total eye-opener. The three defining features of land markets last year were: next to no inventory, rising interest rates, and lower transaction volume. By themselves, each was a buzzkill. But taken together? They heralded a market meltdown.
Yet at brokerage after brokerage, 2022 ranked as an outstanding year.
No inventory? Not to worry. An increasing number of closed transactions involved off-market properties without so much as a listing agreement. All that was required was a phone call, a meeting of the minds, and a quick close.
Do rising interest rates matter to all-cash buyers? Not hard to figure out the answer to that one, and cash buyers are who is driving markets coast to coast.
Last but not least, transaction volume. Want to guess where the sweet spot is for the all-cash buyer who is immune to rising interest rates and willing to pay a premium to an off-market seller? That’s right — at the top end of the market.
Fewer sales. Higher price points. 2022 was a very good year.
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