Can you believe that there are only three days left in 2023? I cannot! As we close on another year, I like to take some time to look back on my year as a Locust Grove REALTOR ®. As I reflect on the real estate market, I am reminded to thank all of you! Whether I helped you buy your first home, sell a house, or just shared my knowledge with you to help you make an informed decision, it was an honor for me to be part of your real estate journey.
The real estate market in 2023
By far the most asked question of 2023 was, “what will interest rates do next?” In attempts to address inflation, rises in interest rates from historic lows made buyers and sellers pause. What resulted was buyers who decided to wait to purchase a home until interest rates decreased and sellers who were hesitant to list their homes and give up a low interest rate.
While I would never encourage someone to make a financial decision that the person is uncomfortable with, I do think that it is important for everyone to accept that interest rates may never drop to those historic two percent lows that we witnessed. Instead, keeping tabs on the current rates and talking with a mortgage lender about how much buying power you currently have can help guide buyers to making any financial changes that could help them become homeowners.
For me as a Locust Grove REALTOR ®, I saw the average days on the market for homes return to pre-pandemic averages. Homes that were move in ready continue to be appealing to buyers and often these homes spend fewer days on the market than the average.
Since home prices are up over previous years, sellers are finding equity in their homes even when having to offer price adjustments. In fact my own sell to list price was at 101.2% meaning that the homes I listed sold for at or just above list price.
Stats for Sean Jones Locust Grove REALTOR ®
Did you know that the average REALTOR® sold 12 homes in 2022 according to NAR? Thanks to all of my clients who helped me double that number. I am very grateful to be the fourth highest producing agent out of all the individuals and teams in Orange County.
I am always here to help. Whether you just have a real estate question that needs answered, need help selling a home, or want to start your search for a new home, I am here for you. Feel free to contact me when you are ready.
