Happy New Year! Writing this blog I can’t help reflecting on the past year. Personally 2022 was a good one for me. I discovered new hobbies (ask me about my sourdough starter 😃), deepened some connections, made new ones and fit in a good number of days on the slopes. These things have really enhanced my life and for that I’m grateful! Business-wise 2022 was the most challenging in my 26 year career. Never before have there been so few homes to sell in Monmouth County and so many buyers (and new agents). The lifestyle changes that have been fueling the engine of the insane real estate market since mid-2020 continue, however in late 2022 the uncertainty of the economy and the dramatic rise in interest rates have caused the real estate market to stall, to some degree, resulting in a leveling-off of prices. Inventory levels and interest rates this Spring will determine which direction prices go in 2023. Experts believe that mortgage rates will likely remain relatively high during the few months of the year but then edge lower and stabilize, with rates falling below 6% by the end of the year. Lawrence Yun, chief economist at NAR, for example, thinks the 30-year mortgage rate will end 2023 at around 5.5%. We will see.
If you watch the national news you might believe that now is a bad time to sell real estate, but locally that is the furthest from the truth. We need your home (LOL)! Seriously if you are thinking of selling, please reach out. I have a list of buyers waiting for a home and who might be looking for a property just like yours.
All this said, I wanted to let you know that I am here for you as a resource, and as a guide if you decide to buy or sell. If you’ve never worked with me before you should know that I only take on the number of clients that I am personally able to handle and give my full attention to. I pride myself on always being available and super responsive.
Below are some recommendations that can help you if you are considering making a move in 2023. As always, I’m happy to chat with you about your personal situation so please don’t hesitate to reach out!
Buyers-
- Get pre-approved early! You will have competition so have your ducks in a row
- Consider an adjustable-rate mortgage. Rates can be considerably lower
- Be prepared to move quickly when the right house comes along
- Get a LOCAL agent to assist you. Agents from outside the area do not know the local real estate market and will put you at a disadvantage.
Sellers –
- Call your agent in early to prepare your home. For you to get top $, your home needs to be turn-key as possible which might require you to make some changes
- Find a place to land BEFORE you put your home on the market. Buying is more challenging than selling right now.
- Hire a local agent with experience and a track record.
- More than ever, correct pricing is EXTREMELY important.
- Speak to your financial advisor/mortgage banker to ask about creative ways to bridge the purchase of your next property before you sell
