Rose Knows the Market | January Update
The Market was the main topic at our Annual Kick Off Conference to begin 2023. Our Crye-Leike brokerage leadership and industry experts and economists are all echoing what we feel happening in the market– the worst may be over! That happened before many knew there was anything actually happening. While most were getting kids back to school, going to sporting events and reconnecting with friends over the holidays, we were feeling a very sudden shift in the market. Timed with the natural cyclical changes we feel each year, this market was hit with rising interest rates and inflation, all at the same time.
That means locally, our real estate market was down about 30% in volume which felt like almost a complete hault! The good news how, however, is that while volume may still be down year over year (2021 being a never before and maybe never again anomaly), it’s down less. Economist and industry leaders are predicting a “soft landing” and a strong spring…not relative to 2022 but relative to 20 year averages. As of writing this, buyer activity has begun picking up as 30 year mortgage rates drop below 6.0% today.
One thing remains- residential real estate is hyper local and hyper personal! Give us a shout to talk about your unique micro market (neighborhood) and personal goals for 2023.