Our expert insights into the current state of our real estate market.
It’s official: The spring real estate market is almost here. With interest rates on the rise and low inventory persisting, we wanted to share some observations on what we’re seeing in the market today.
Despite expectations that rising interest rates would lead to a drop in housing prices, we haven’t seen this materialize yet. Inventory remains low, and homes are continuing to sell at a stable or slightly increased rate. With so few homes on the market, new homes tend to sell quickly and with multiple offers.
This high demand is particularly evident for starter homes, rambler townhomes, and properties with acreage. In some cases, properties that are “sparkling” with updates and move-in-ready conditions are generating significant interest and multiple offers.
“Inventory remains low, and homes are continuing to sell at a stable or slightly increased rate.”
We recently worked with a few buyers who can attest to this phenomenon. Two of the three properties they were interested in sold with multiple offers, with one entry-level single-family home receiving 15 offers. This level of demand is a significant shift from what we saw just a few years ago, and it highlights the importance of working with a knowledgeable real estate professional who can help you navigate the current market conditions.
The real estate market in spring 2023 remains healthy and stable, but it is different from previous years. If you’re considering buying or selling a property, it’s important to have a realistic understanding of the market conditions in your price point and location. At this time, we’re still seeing low inventory and high demand, which is driving up prices in some cases.
As always, if you have any questions about your specific situation in the real estate market, just call or email us. Our team of experienced agents can provide guidance on navigating this dynamic market and help you achieve your real estate goals.