After a slow finish to 2022 the past month has been showing increased activity in the local market. With inventory still low and buyers who need/want to move and can afford it jumping back into the market prices appear to have stabilized. This is causing a bit of a standoff between buyers who are looking for the pre-COVID era affordability and sellers who have low mortgage interest rates so aren't highly motivated to sell unless they get the price they want. Of course only time with tell but right now the market is not being flooded with homes like happened in 2008 which is also keeping prices level. If you are thinking about selling this is a good time as long as you are realistic about pricing. I had buyers want to make an offer on a house last week which had 15 other offers! This hasn't happened since early last spring. This house was priced based on the December 2022 market and was beautifully redone. The listing agent was shocked, as were the rest of us.
It appears this stand-off is also happening on a national level per this CNBC article.
Reach out if you are considering selling. Now may be the time.
