This is a monthly contribution to the Blog by local realtor Doron Weisbarth
Another month brings continued evidence of the amazing resilience of the real estate market in our awesome PhinneyWood neighborhood. Prices continue to hold steady, and the average time it takes to sell a home is still very reasonable – about three weeks. You can see the full details of this, and other useful parameters, in the full online report at PhinneyWoodHomes.com.
Another month brings continued evidence of the amazing resilience of the real estate market in our awesome PhinneyWood neighborhood. Prices continue to hold steady, and the average time it takes to sell a home is still very reasonable – about three weeks.
Overall, market activity remain slow, even for this time of the year, which is the slowest time in the annual real estate cycle. Inventory is way down, as many sellers are weary of listing their homes right now, even though the data suggests otherwise, as noted above.
And with inflation that seems to have peaked (even the Fed chair announced that they will likely slow down prime rate hikes), mortgage interest rates have come down almost a full point in just the last few weeks and are trending downward. Lower interest rates will likely bring back many buyers who dropped out when the mortgage rates peaked.
So, I expect to see increased market activity, and perhaps some price increases in the first quarter of 2023, although probably not the kind of buying frenzy that we witnessed earlier this year. This is good news for sellers, and also for buyers, who will have more homes to choose from, but without all the craziness.
Considering selling your PhinneyWood home, or buying one in our neighborhood? Find out what insider tricks and strategies will help you maximize your results. For a no-obligation consultation, call Doron at 206-779-9808.
