“So you’re a real estate agent…. what’s the market like?” 

Yep. That’s the number one question asked of me in 2022. And every year as far back as day one of my career. It’s kind of a broad question, don’t you think? I mean, do you want to know how many homes sold in your neighborhood? The current interest rate on a conventional 30-year mortgage?  Should I sell my home? Or would you rather have a generic response of “The market is good.” I can bend your ear for a good 20 minutes if you let me.  But what I think people want is a 2-minute summary; the big picture, right? So, let’s look back (quickly) and jump into 2023 (the water is fine!)

What 2022 brought to real estate.

Generally speaking, 2022 was a year of two markets. From January to June buyers and sellers were kind of on the tail end of the pandemic market and experiencing the same.  But at the end of June, and through until the end of the year, it was almost like the flashing lights of a fireworks dimmed.  Sellers were shocked when buyers boldly asked for closing costs or repairs. And buyers gulped at the rising interest rates and took the adjustment as a key to act quickly. We moved to (dare I say) a level market! So much so that many of my friends asked I was going to be okay. Ok??? Really??? The market adjusted. Be calm, keep on. Lastly, the year brought back the need for a particular skillset and marketing plan only available from seasoned agents. We as an industry actually saw listings that had price reductions!

What I think 2023 will bring.

Guess what? I think we are going to see more of the same in 2023, with an exception or two of course. 🙂I think we will continue to see fewer homes on the market than traditionally seen in pre-pandemic times as the general public catches up to our messages that the market is fine. And with a level real estate market, I think we’ll see the same seasonality of sales (busy Spring and Summer). Interest rates, I think, will hover around 6% eventually and buyers will buy thinking the rates aren’t terrible with the notion of refinancing an option in their future. The skill and experience of your real estate agent will be paramount to a solid experience in housing and agents will have to dig down into their bag of tricks to sell homes again. 

People move, people. And they do it every month of the year. So bring on the new year, jump right in. You’ll be fine. We’ll all be fine.