I'm hoping my busy week offers some insight that helps everyone feel better about the state of the market. I am energized by meetings with new clients looking to list their properties after the new year, as well as buyers anxious to land their new home either now or in 2023. The reasons for moving include relocations, job changes, upsizing, and downsizing, and they all form the impetus that keeps this market moving. So yes - there is a ray of hope as we head into 2023 that real estate as we know it is not lost.
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If we look back before March of 2020, the end of the year has historically been a time to hunker down at home and entertain, not a time to buy one. I predict we will see just that now! I am recommending sellers relax and enjoy the holidays, and we'll list their houses in January. That will be exciting news to anxious buyers who would love the gift of housing inventory! 🎁
You can see the shift in the chart below, less new listings but a healthy number going under agreement.
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As mentioned last week, other markets are not playing out the same way we are. The areas that had the most appreciation during the pandemic such as Austin, Texas, Phoenix, Arizona and Tacoma, Washington (to name a few) are feeling a much more dramatic shift downward in prices. Interest rates are affecting the demand, although the rates did move downward into the mid 6% last week.
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Reports indicate that Florida is still a strong real estate market with low inventory. That lines up with the northeast since many of our clients are relocating to the south or have second homes there. The recent hurricane on the west coast of Florida actually added to the housing shortage as some of those who were displaced were forced to find new homes and can't.
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On a festive note- If you love shopping like I do then please stop by the Wellesley Hills Junior Women's Club Marketplace, where more than 200 artisans will be selling their high end crafts. It's at Wellesley High School Saturday from 10-4pm (November 19, 2022). This is a really good time that my girls and I look forward to each year, and it helps you jumpstart your gift buying. I hope to see you there!!!
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Are you curious about what your house is worth in this market? I'm always available and more than happy to provide an analysis for you! Email me at teri@teriadler.com or call at 617-306-3642 to schedule a meeting.
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