Last Week’s Economic News was Mixed
American households’ personal income declined, and with it their spending in the final two months of last year. Despite the deceleration, the U.S. economy still managed to grow in Q4-2022. Looking forward, all signs point to an economy that’s slowing and concerns of a weaker economy in 2023 persist. That said, rates continue to moderate, and housing prices have softened as a result of a less competitive market, so affordability conditions are improving and bringing some buyers back into the market. Recent releases show an uptick in pending sales, new homes sales, and mortgage activity.
There are more homes for sale now than we have had in a few years, but we are still significantly lower than pre-pandemic. And, it's currently trending lower, not higher, as inventory dropped over 3.5% from just November.
If you are thinking about selling, here's what you should know...
With prices up 7% year-over-year ... even up 4% from November to December, right now is the very best time to list your property in order to be active as the springtime rush happens. With low inventory and lower interest rates, we expect a big spring, and I want you to be in the best position to take full advantage if you are thinking about selling.
I am happy to give you the best idea of what price you could get in the current market.
Please call if you have any questions or if there is anything in the world I can do for you!