Local MLS data shows a significant year-over-year change in the real estate market. While buyers may have locked in favorable interest rates last year, they were met with strong competition and most likely had to “give up everything” to get into their new home. Fast forward to today, interest rate increases have caused an overall cooling of the market, and with rate-buy-down incentives you could get into your new home now with much less hassle than a year ago! The days of multiple offers soaring well above asking price are behind us, for now. We’re seeing new listings sit on the market a bit longer, and an increase in price reductions each month. According to MLS data, days on market in the fourth quarter of 2022 almost doubled from that of 2021, and the average percentage of list price received is sitting just below 100%, rather than above. That’s not to say that home values are declining, they’re just not selling for above asking and in record times. Inventory is still extremely low, which is helping to hold the values and provide us with a more balanced market. With talk of lower interest rates upon us this spring, our calmer and quieter market may see a change! If you’re considering buying your new home in 2023 don’t wait to get started. Reach out to me for my list of recommended lenders to get pre-approved!
*All information deemed reliable but not guaranteed as data results may vary based off search criteria. All information gathered from NWMLS.