So, how are buyers and sellers adjusting to the “Shift”? 

Buyers are still in the market to buy; however, budgets have been significantly dialed back as they contend with towering home prices and volatile high interest rates while inventory remains excruciatingly low. Homebuyers have some reprieve with additional resources that are now making a comeback. Seller concessions, credits, and mortgage lenders offering buydown programs and affordable loan programs are offering buyers and sellers a new balance.

Homeowners are also affected and weighing options if they should sell, as many are locked into mortgages with a low rate after refinancing when rates fell below 3%. The gain of equity may not be worth taking on a new mortgage with higher interest rates with the cost of another home, even if downsizing. So, both buyers and sellers are adjusting to the current shift.

As your local real estate specialist, I’m committed to providing additional resources to help you navigate the housing market, weighing options with the best outcome when it’s time to time to buy, sell, or both, with confidence giving you the edge.  The 2023 housing market will be about strategy, pricing, and patience.  I look forward to hearing from you with your questions and discussing your real estate needs.