What sort of real estate market will the new year bring?
Yes, many buyers and sellers are at a standstill. Not surprisingly, the market generally takes a big pause at the end of the year. Plus, we had the perfect storm of steeply rising interest rates, job uncertainty, and the holiday season.
All of those factors mean it’s still a really quiet market right now.
Keep in mind, the speed that homes were flying off the shelves the last 2 years is not typical.
What we are seeing now, with average days on market (DOM) closer to 30 (+/-) is really quite normal. It just may not feel that way when anything longer than a week on was an eternity, and every listing was netting at least 5-10 offers.
It’s really quite refreshing to have just a little more time to make a decision.
The Market is Local
Though the national headlines may be screaming about double-digit drops, don’t get your hopes up (buyers) or hide under a rock (sellers).
While prices have been coming down from the post-2020 frenzy days, this market is a far cry from the post-bust bottom circa 2012.
Will the Spring Bring Buyers Back?
Uncertainty breeds fear, and fear means inaction–for buyers and sellers. Our hope is that interest rates level, bringing some stability and predictability to home prices. Just without the crazy frenzy of the last 2 years.
What's Your 2023 Plan?
If 2023 means a move for you, reach out. We love to help you reach your real estate goals.