An update on the market that every buyer and seller should hear.
We are starting off January 2023 with a snowstorm and talking about what we are hearing and seeing so far in our local market.
Many buyers have been priced out of the market. Inventory is still low, and there’s not a ton of buyer activity. We are coming out of the holidays, the weather, and the snowstorm, which is holding people back a little. However, it shouldn’t hold you back from preparing for what you can do in the market.
“Home values are coming in a little closer to where the list price is. ”
If you want to buy, we invite you to have a conversation with us. We will talk about your options in the market, and we can bring in our loan officer to share his financing advice. There are new loan programs right now which can help you purchase a home, given the current environment. In addition to that, many lenders are offering no origination fee on some refinances, and some sellers have been contributing by buying down the interest rates for buyers.
Another thing that we have been seeing since late last year is that the list price and offer price do not have significant differences like they used to. Values come in a little closer to where that list price is. If you are waiting for that trend to continue, there are some simple things that you can do in the meantime that will have a significant impact on your home, such as shampooing carpets and repainting rooms.
The key is to have a conversation to find out what’s going on in our local market. Real estate is local, so what you’re seeing on a national or even state level isn’t necessarily what’s happening in your local market. Give us a call or send an email if you have more questions about this topic. We look forward to hearing from you!