Location, Location, Location
When buying or selling real estate, we have all heard the longtime real estate mantra of location, location, location, and today, more than ever, this holds true.
During the last couple of years during the pandemic, there was a national frenzy to purchase real estate as buyers spent thousands of dollars over the list price, on homes, just about everywhere. This created multiple offer scenarios and drove real estate prices up around the country. However, today there doesn’t seem to be a national housing market, but rather a very regionalized market with different scenarios happening around the country.
As mortgage rates continue to increase, some markets are experiencing a slowdown, while others are heating up. Home prices are accelerating in some areas while other markets are seeing a decrease. Bidding wars in one neighborhood may not be happening in another nearby. The real estate market is all about location. But why is that? According to Ali Wolf, chief economist with Zonda and I quote, “Since interest rates have risen, inﬂation is higher and there is economic uncertainty, we’re reverting back to very localized housing markets. There is no national housing market as every single city and street has its unique housing market.” Of course, with all this being said, there is still one big caveat, the low supply of housing has buyers still willing to pay a premium for move-in ready homes in communities with good schools and near big cities.
If you are planning to enter the housing market and are feeling a bit confused about what is going on, it is best to consult an experienced real estate team.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!