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Tight Inventory Issues Continue to Keep Prices High
"How's the real estate market?" is the number one question I am asked.
I get it. With higher mortgage rates, home prices, inflationary concerns, and many other factors in our economy, there is a lot going on.
For most people, the cost of housing is the number one expense we have each month, so it's the one we tend to watch the most as we try to make wise and informed decisions.
Since we track the housing market very closely and are passionate about educating our clients, we love to get asked this question. And while the market data affects buyers, sellers, and investors all differently, we would love to chat with you about any real estate questions or goals you have and how the market conditions might affect your situation.
Here are a few brief bullet points about our current market conditions as we head into the 2023 spring/summer months:
- Inventory of available homes remains extremely low at less than 6 weeks of available homes which is keeping our home prices from falling, and if this trend continues, we could continue to see home prices going back up.
- Homes prices were originally expected to fall, but the new research anticipates a nationwide price decline is likely not in the cards.
- Existing homes continue to be the hottest commodity, spending an average of 31 days on the market, making it a great time for those wanting to sell.
- Down payment assistance programs and rate buy-down programs continue to be an asset to buyers who are hesitant due to recent mortgage rate changes.
- Interest rates are predicted to start to drop into the summer months, which, if this does happen, could very well drive up prices once again due to the lack of available homes on the market.
In summary, there is a lot to consider when selling and or buying a home, and now more than ever before; it's important to work with a Real Estate professional who knows the market conditions well and who can help offer you the advice and council you need with the heart of a teach, not a salesman.
What are your real estate goals this year? Give us a call at 208-501-8200 or contact us with your questions. There are so many great opportunities now for buyers and sellers, and we don't want you to miss this window of opportunity.
We look forward to hearing from you!
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1) BRR: April 2023 - Market Report
Whether you are purchasing your first home or upgrading to fit your current lifestyle, real estate remains a powerful long-term tool for your financial portfolio.
READ MORE >
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2) Owning a Home Helps Protect Against Inflation
Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership.
READ MORE > |
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3) The Worst Home Price Declines Are Behind Us
As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up.
READ MORE >
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4) The Best Time To Sell Your House Is When Others Aren't Selling
If you’re thinking about selling your house, you should know the number of homes for sale right now is low
READ MORE >
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MEET ALEX ZAYSHLYY | TOP PRODUCING AGENT
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"Alex Zayshlyy is a great member of West Real Estate Group! You can always count on Alex being knowledgeable, professional and providing top level support in any real estate transaction. I highly recommend him!"
- Nik P Bukhantsov
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"They worked hard for us while selling our home; from the time our home went to the market to the time it closed was just over a month…he was AMAZING! Thank you, thank you, thank you! You guys do an amazing job and I will continue spreading good things about you and send business your way! "- Gary & Jenny Grant