2023 has been an interesting year for all of us in real estate, and we’ve had to do plenty to navigate the changing market. Our team knows there’s still more work to do as fall approaches, but this article from the National Association of REALTORS® recently shared some observations that can help. So, we’re sharing some of the main takeaways with you.
The sky isn’t falling. This is a good one to remind ourselves and tell our buyers/sellers. Interest rates seem to be plateauing, and home prices aren’t likely to fall too much in the near future (good news for sellers, at least.) There’s a lot of negativity about real estate, but it can still be a great time to buy or sell.
People are moving farther than ever before. From 1981 to 2021, the average home buyer moved 10 to 15 miles from their previous address. So far this year, the median distance moved is 50 miles. Plus, more people than ever are moving hundreds of miles away. Why is this important? It means people aren’t likely to use the same buyer and seller’s agent, and we should invest in tools that modernize how we communicate and get things done for our customers.
New construction homes are filling the inventory void the best they can. Inventory will remain an issue. However, it’s important to remind buyers that new builds are worth looking at – and could be a good value for their budget. Sales of new builds typically make up about 10% of all sales per year but are running higher than that this year and will likely be elevated in 2024 as well.
For more, check out the full article here https://bit.ly/3YJ8Cy0!