The 2022 real estate market was like watching a game of ping pong. There were so many back and forths and confusing messages that it is easy to look back on the last 12 months and say “what just happened”?
So, wading through the distractions, here IS what happened:
- Interest rates rose quickly- then stabilized.
- Inventory started to increase, but the much discussed “flood” of new listings never materialized
- Consumer confidence in housing took a major blow, and parts of our real estate market became stagnant.
- Many of the i-buyers like zillow closed up shop, and the national rental home buyers eased off of their frenetic purchasing pace.
Where we go from here in 2023:
First time homebuyers: Adjusting to the new reality of higher interest rates, they will save money, and shop around for mortgage options
Move- up Buyers: Will continue their search without selling their existing home. Buyers will still outnumber sellers!
Sellers: Multiple offers will continue in many locations and price points. Location, location, location!
Renters: 2023 will see more new apartment options, but still a shortage of single family rentals. Rents will gradually stabilize.
Investors: As national investors have paused, local investors are cautiously looking for opportunities.
Takeway- In most cases, it is still a buy high, sell high market- and it is always a good time to invest in real estate! Details and location matter now as much as ever!
