Aren’t you glad we are not living in 1981? Even though we think that the current interest rates are high today, they are not the highest historically. Sometimes it’s good to look back so you can get a perspective on today and plan for the future. So what do we think the market is going to do in 2023?
- We are 1/3 of the way through the first quarter and the property values seem to be holding (maybe even slightly declining) because the rates are holding steady. This should be the case all the way through the first quarter.
- Quarter 2 should show a further leveling of home prices as rates will continue to hold with minor fluctuations in both directions.
- Things are bound to pick up in quarter 3 as rates are predicted to fall a little bit which will send home prices slightly upward.
- Hopefully quarter 4 will be a traditional holiday market that we saw in 2022.
What does all this mean? If you are thinking about buying or selling a home it is still a great time to do so. Buyers are not competing with other buyers so they have time to make the best home decisions. Home prices are still high if you have been in your home more than 5 years so it is a good time to take advantage of downsizing or moving into your dream home. There are so many programs available, just call us to get started!!
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