Real Estate Market Report: January –March 2023

Even with the rise in interest rates and the increase in home prices, the worst of the real estate market seems to be behind us. Not only have home prices stabilized but we’re seeing a steady, gradual month over month increase in prices in our area and in most markets nationally.

important to speak with an excellent mortgage broker to under your options. Some lenders are offering a no cost refinancing option when rates fall. The image below shows how changing interest rates affect a mortgage payment.

LOW INVENTORY:

We continue to see low inventory levels which in turn indicate we’re in a seller’s market. Good quality homes are hard to come by. At the time this article was written there we only 3 town homes and 37 Single Family Homes for sale in the 32828-zip code. I have personally experience multiple offers on several homes my clients were trying to purchase.

BUILDING WEALTH.

One thing is clear, renting is a waste of money and over time, owning your own home builds wealth. It also offers protection from inflation. Whereas rent changes at the pleasure of the homeowner, your mortgage payments remain constant. The National Association of Realtors says, “Home ownership is the largest source of wealth for most families, where the median value of a primary residence is worth about 10 times the median value of all other assets held by families.”

wIS NOW THE TIME TO BUY?

When considering your income, expenses, the down payment you’ve saved, and your credit score, it’s you who decides if now is the right time. Because Interest Rates are impacting how much a buyer can afford, it’s

IS NOW THE TIME TO SELL?

It’s still a seller’s market because of the low inventory and the desirability of our area. Multiple offers are on the rise again. Many homeowners have significant equity in their homes. If you’re thinking of selling, these factors all work in your favor. The decision to sell will depend on your personal circumstances and financial goals. In my experience over the past year, I’ve recommended some clients to sell and to others, it doesn’t make sense. You’re welcome to reach out to me for an unbiased consultation.