Sunday January 1st 2023
Happy New Year…
Not one to keep New Year’s Resolutions so we won’t go there.
As we limp our way out of 2022, the real estate community is making predictions for the year ahead. The past year has been a function of what goes up must come down. The ride is not over. It will spill over into 2023.
Below are the themes that will drive 2023.
The 2023 real estate climate will be “Balanced & Boring”…With an added chill
Interest rates will hover and stay in the headlines… 6%-7% expected
Older low interest existing mortgages are a disincentive to sell…Locking people in place
The price run-up, interest & inflation has created affordability issues…Resulting in fewer buyers
Low inventory will prop up prices but only modestly…Pricing/Values are fragile
Property value, a function of buyer and/or seller motivation…Leaving room to negotiate
Keep your eye on the far horizon...
Balanced, Boring & Brighter...
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Happy New Year from Camden Hills Realty