Photo credit: Phoenix Magazine
OUR THOUGHTS ON THE MARKET FOR 2023
Happy Holiday Season to our wonderful clients, friends, and family. As 2022 begins to wrap up, my team and I would like to extend our sincere gratitude to those who have continued to trust us with their real estate needs during the ever-shifting market. This year we welcomed our new Executive Assistant Louise Haarala to the team and we cannot wait to see what life has in store for us in the coming year.
Speaking of the new year, let’s discuss what the housing market might look like going into 2023. According to the Cromford Report, “demand continues to weaken but new supply is also declining every week. This has placed sellers and buyers both on thin ice as the market is shrinking. That being said, sellers still out number buyers, but only by a small margin.”
“Typically, when prices start to go down, there’s an ‘anxious flood of sellers’ who want to get rid of their properties before the prices get even lower. This is exactly what happened between April and July. However, these sellers are now gone. In fact, the Cromford Report details that a lack of motivation, both to buy and sell, is what is currently affecting the market in a big way. As a result, prices are likely to continue lowering, but not quickly. In fact, there’s a likelihood that there will be even less supply in November and December. This means we could see some price stabilization towards the end of the year and pricing levels equivalent to those around the same as the end of 2021”.
Overall, next year is looking like a great year for those interested in buying or selling their home and we can’t wait to help you all!
HOLIDAY NEWSLETTER IS HERE
From recipes and marketing predictions to giving back and much, much more, click the link below to view our latest holiday newsletter. Be sure to follow us @thekimberlylowegroup on Facebook and Instagram for all of the day to day updates.