Market Update: August 2023
Not necessarily, but so far this summer has been more active than we expected.
New listings are still extremely low, but buyers have been more confident to move forward this summer than they were earlier in the spring market. We don’t anticipate the market getting stronger this month, but we do anticipate a good real estate environment for this fall. As new listings start to come on the market after labor day, we expect most well priced listings across all price ranges to be in demand.
The two main reasons for the uptick in buyer activity have to do with:
- Inflation appears to be more under control;
- The overall stock market is showing some confidence in the last few weeks and has been moving in an upward trend. Compared to the lows we saw earlier this year.
Buyers have started to adjust to the new normal of interest rates being in the 6% range, and they have mostly shrugged off the burden of higher monthly payments compared when rates were at their lows over a year ago. The inventory levels have reached all-time lows, which has contributed to the market being what we consider a more “normal” market and why we are seeing a resurgence of buyer activity. The most crucial concern for buyers is securing the home and obtaining the best rate available at that time while also ensuring they do not overpay for their desired property.
Our advice to buyers
Activity has been picking up and we anticipate an even more active fall selling season. Until then, inventory will be scarce and it’s getting a bit more competitive out there. If you find a home you like act fast.
Our advice to sellers
Now is the time to get your home ready for the fall market. We anticipate a good selling season to heat up again right after labor day. We think the earlier the better this year, so try not to wait too long as we get further into the fall. Our crystal balls can’t see that far out this year.
Please call or text if we can provide answer to any of your real estate questions.