As we break down the November 2023 market data, it’s important that we continue to rely on the data rather than emotional responses to the market which can easily be triggered with a simple Google search for real estate news headlines.
Q4 is one of the best times for buyers to shop for homes. Seller’s whose properties are on the market typically have a NEED to sell and are more willing to negotiate than in the spring. In addition, the competition from other buyers drops considerably as the holidays approach.
While the close price to list price ratio sits at 98.56%, this figure is actually artificially inflated as seller concessions, which are included in most offers, aren’t factored in.
Interest rates trended downward most of the month of November. Down from 8% in October, buyers experienced a bit more affordability. We hope to see this downward trend continue in December and into the new year, but we’ll believe it when we see it.
Future sellers, consider taking advantage of this traditionally slower time to get some of the deferred maintenance items completed while vendors are also experiencing a slow down.
This shifting 2023 market has thrown all of us out of balance in many ways and the data aligns similarly to the pre-pandemic landscape of 2019.
Enjoy your December, feel free to reach out with any thoughts or questions and as always stay smart. Happy Holidays!