All right here we are in January 2023 so let’s take a look at the real estate market and see where we are what we’re watching for 2023 for the year and certainly what you can do for your planning. So I would tell you that the market ending 2022 was much different than the end of spring quarter of that year. Many would say that real estate hit a wall from the interest rates jumping from three percent to over seven percent.
I will tell you our team, the Keit Team and Keller Williams Realty Landmark, we did continue to sell houses no matter what. So you know there’s certainly still opportunities. Whenever they say the market is down someone always needs to buy and sell. We’re always here to help. What happened is this adjustment from the three percent to over seven percent along with Rising home prices affected affordability what happened for buyers certainly they began to come back in the market in December as the rates went from over seven to six and a half so buyer’s sentiment was improving also with decelerating home prices. The good news is that most homeowners
had CoreLogic said at least $64,000 average in home equity gained from a couple of years of double-digit appreciation besides we’ve had a 10-year appreciation time span for the real
estate market which is a long time so our homeowners are in pretty good shape as far as Equity.
We’re not going to see the type of foreclosure disaster we had in 2008. So what are we watching now for the year ahead. We’re watching of course watching where the interest rates will go. There’s a wide range of view on that. Many feel that they’ll continue to go up, some feel that it will level. People hope it will come in in the five percent range which will be very good for our
buyer. Sellers, we’re watching the job market. Many think we’re headed for a recession, remains to be seen so wide range of views on that so we’re watching of course jobs are needed. People need to feel comfortable if they’re looking to buy. Then we’re watching that buyer-seller sentiment
So what can you do if you’re thinking of buying, selling, investing, and Building Wealth through real
estate now or anytime, I would say get your team together! You need a team of good real estate professionals for advice and guidance talk to your CPA, your financial advisor, your estate
planner. Get everybody together so that you have good advice and guidance so that your plans will make sense for you going forward. For our homeowners, you want to have your home in top condition so you can Max the dollars on your sale. For our buyers, there are many options out there in the mortgage world and it’s important to have your credit in top position so that you can benefit from the lowest interest rates possible. So there’s a lot to watch out for and we’re here to help and guide you.
Wishing you all a very successful 2023.
If you want a more in-depth review of your particular situation please make sure to reach out to us by going to our website www.keitteam.com or emailing us at helen.keit@kw.com
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