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February 2023 Market Update!

Everyone is asking! "How's the real estate market?" What most people mean is "I heard the real estate market is crashing!" Fortunately, this just isn't true. By definition we have returned to pre-pandemic market performance but there are some really healthy signs of equity holding and buyer confidence climbing. Sellers are still winning 97% of asking price offers and 411 properties went under contract last month. For the full market breakdown, click here.

Even though the Federal Reserve increased the rate this month, markets responded positively with the lowest Ten Year Treasury Rate since September 2022. While there is so much volatility in the Stock Market, real estate is attracting a lot of money. As a result, homes under $200,000 are still experiencing multiple offers.

The real estate market locally also is keeping a lot of hype. Buyers are seeing new construction sit on the market and builders are still paying interest payments every month holding that inventory. As the market heats up this inventory will be sold but now may be the best time to buy a new home in the last 5 years. Builders are offering huge incentives to help sell their homes so they can start on new projects.

In summary, get out and participate in this market. Investment properties are available to take advantage of and new homes are positioned and ready to move in. Call us if you have any questions!



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