February 2023 Real Estate Market

Broker/Owner, Sherri Barrett of Emblem Properties shares her monthly report of the real estate market for our areas.

The overall market, across the board, shows a decline in the number of Closed Sales. However, the market shows a continued increase in New Listings on the market. What does this mean? It is definitely a Buyers’ Market. While buyers gave whatever a seller wanted during the pandemic, now, that has settled down to buyers being able to negotiate in the purchase of a home.

Now you say, but, what about these interest rates? I keep saying that you need perspective. When I bought my first car in 1982 I paid 17% interest! YES, 17% interest. Many people remember these days but those of you in the younger generation can’t even fathom such rates. Houses were financed at 15% and were financed on an adjustable rate. When the rates would go down their mortgage rate would adjust accordingly.

So what do I do? Interest rates could continue to go up. So, if you are in the market to buy you are in a better position to negotiate the sales price. The sales prices are coming down, or at least they should be. Some agents continue to try and list at prices from the pandemic. These are not realistic prices. If the interest rates start moving down, you can always refinance your mortgage for lower monthly payments.

Call an agent from EMBLEM PROPERTIES to help you negotiate a better price. We are here to help you in all aspects of real estate.