is the sky falling?
Home prices increased in 2023? There’s no indication of the sky falling. Certainly prices have adjusted, which is a nice break for buyers to get into the market. However, nothing drastic has happened, perhaps more of a level playing field for buyers to negotiate closing costs.
What does this mean?
Simply put, there are far more choices! Homes are taking a little longer to sell. With so much market saturation we may also see serious sellers not only accepting lower offers, but lowering their prices to get their homes sold.
WHAT ARE THE BENEFITS OF GETTING INTO THE MARKET NOW?
- Serious sellers-if the home is on the market it’s because they are serious about selling
- Negotiating power-you can ask for credits and repairs and have the time to do them
- So many more choices!
- Builders are offering amazing incentives $18,000 closing cost credits, 4.25% interest rates.
Distressed sales-foreclosures, short sales, auctions
While these numbers have increased you have to keep in mind the Covid moratoriums have been lifted in this window as well. We have not seen an influx of foreclosures.
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