2023 Beginning of the Year Housing Market Update
Starting out in 2023, we have seen positive movement in the real estate industry compared to fourth quarter 2022 which was relatively slower than the first half of 2022. As mortgage interest rates dipped the third week of January, buyers acted swiftly and demands for mortgages jumped approximately 28% (source: CNBC).
While it is true that some homes are sitting on the market longer than in years past, there is a pent up demand for move-in ready homes in specific areas as bidding wars are BACK! In fourth quarter 2022, bidding wars were almost a thing of the past, but as interest rates slightly dipped and inventory remains low in select areas, many of our buyers and sellers are facing market conditions similar to the start of 2022! Buyers have adjusted their purchasing budget accordingly to the new “normal” interest rates of 5-6% and it hasn’t stopped their desire to make a move in 2023!
Now more than ever, it’s important to rely on the expertise of any of our teammates to help navigate these market conditions. We are hyper focused on our ever changing market conditions and will happily guide you towards your goals of selling and/or buying a home in 2023!
Stay with us for more regarding the real estate market, interior decorating, and more! Make sure to reach out with any questions! We would love to help you out with your next buying or listing process!
