The local real estate market is constantly shifting, and staying informed of the changes can make a huge difference for you as a homeowner. If you’re looking to buy or sell property, understanding the current market trends can help you make an informed decision. Here’s a look at what’s happening with our local real estate market in July 2023.
Navigating the Local Real Estate Market
Current Real Estate Trends
The real estate market is expected to remain competitive in the coming months. Low inventory and high demand will continue to drive up home prices. However, the rate of price appreciation is expected to slow as more homes come on the market.
Supply and Demand
The biggest challenge right now is the slow balancing out of the market. That being said, there is still lots of opportunity in this kind of real estate market if one knows where to look and how to take advantage of it.
What You Can Do
If you’re on the hunt for your dream home or want to list your existing home on the market, there are some things you can do to maximize your chances of success:
hire an experienced real estate agent who can guide you through the process; of course, we’d love to help you.
understand what comps (comparable homes) have recently sold for in your area so you know what your asking price should be; we can help you with that as well.
keep an eye on interest rates—they could rise at any time; we can share a few awesome mortgage brokers with you for the most up-to-date rate information as well as loan options.
act quickly when making and accepting offers with guidance of course; the worse thing you can do is be left saying “I wish I would’ve…”!
It’s always important to stay informed about changes in the local real estate market if you’re planning on buying or selling a home soon. Knowing what’s happening in terms of supply and demand will help you make better decisions when it comes time to purchase or list a property.
By taking these factors into account along with hiring an experienced real estate agent and acting quickly when needed, homeowners should be able to navigate this ever-changing landscape successfully.