The real estate market has been on a roller coaster ride in the past year. Prices skyrocketed during the pandemic as buyers searched for homes with more space and remote work capabilities. However, the situation quickly shifted and prices started to decline by last summer. But now, we have good news: home values are stabilizing and they are back on the rise. In this post, we’ll look at what that means for home buyers and sellers.
After reaching their peak last year, home prices have been slowly declining. However, in recent months, they have started to rebound, signalling a stabilizing market. According to industry data, home values in some states have even surpassed their pre-pandemic prices. This is great news for potential home sellers who were hesitant to sell during the market slump. This is also good news for buyers who were having trouble finding affordable properties before.
One contributing factor to the rebounding real estate market is strong demand. With interest rates stabilizing and starting to decline, more buyers are entering the market, looking for their next home. Additionally, the pandemic increased interest in homeownership as people searched for more space and stability in those uncertain times. Then interest rates doubled and many home buyers and sellers paused their moving plans. In recent months we have seen a surge of activity in the market, leading to increased demand to buy homes.
Another factor that has contributed to the stabilizing market is the low inventory of homes. As demand grows, inventory has struggled to keep up, leading to more competition among potential buyers. This increased competition has sellers of homes that are priced right and in move-in condition receiving multiple offers! This has contributed to increased prices in our areas for these prime properties.
If you are thinking about making a move, 2023 might be an ideal time to do it. Get into the home you want to be in and if interest rates fall in the coming years you may have an opportunity to refinance. Marry the home and date the rate! This might be the year to act before prices start to increase again. Work with a real estate agent and lender you trust to ensure that you are putting your best foot forward when making an offer. In a tight market, competitive offers can win the deal; be sure to take steps to ensure that your offer stands out from the others. It may require a little creativity; and we can help you with that!
