Dear Friend,
As we start a new year, the real estate market is once again shifting. After a historic run, with home sales and prices reaching record highs, they are leveling. Mortgage interest rates continue to be affected by Federal Reserve decisions to address inflation.
This month I am sharing with you some well-researched statistics on how the real estate market reacted in the last half of 2022 as well as projections for 2023. Inventory is still low, but buyers now have a few more days to make their decision and may be able to ask for seller concessions. Sellers who price their homes right will be well-positioned in the market. It’s also important to remember – there will always be buyers and always be sellers – no matter the market!
I am also sharing with you a couple of websites where you can find additional easy-to-understand information on mortgage and real estate statistics.
I am here to answer any questions you may have about real estate and help you through every step of your future home sale or purchase. Please feel free to reach out to me any time!
Sincerely,
Mike
What's Ahead in the Housing Market
Although experts believe that the market will shift to being more favorable for buyers, mortgage rates and inflation are impacting many Americans’ decisions to buy or sell a home. But there is good news. For those who want to buy a home, there is less competition. And because inventory is still tight, sellers will still be able to sell their homes if priced right.
The Millennial Impact
Millennial buyers 23 to 31 years old (Younger Millennials) and buyers 32 to 41 years old (Older Millennials) continue to make up the largest (and growing) segment of home buyers at 43%. Older Millennials accounted for 25% while Younger Millennials make up 18% of home buyers.
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