Surprising no one who has been watching the real estate market, the year ended without much fanfare. Increased interest rates, widespread fear of recession, and the barrage of winter holidays were driving factors that led to an overall market slowdown. The numbers of new listings were notably down, but due to fewer offers being written as well, inventory continued to be higher than in the last few years. For the first time in years, it looked as though prices were starting to dip and that there was potential for home buyers to sneak in and nab a deal…however, those with boots on the ground are already feeling that Spring market buzz and January isn’t even over yet! If you were waiting for the market to get going, we’ve got news for you: it’s already happening. And though we don’t have reliable crystal balls, there is an expectation that houses will start moving at a steady clip very soon. We are already seeing more listings getting prepped which means more new inventory and buyers are coming to terms with the current state of interest rates. We’ve all had a nice little break, but are you ready to get back in there? Because we’re ready to help you.
Project: Real estate brokerage’s monthly newsletter distributed to colleagues and past and potential clients.
Objective: To translate boring statistics into an understandable and bite-sized paragraph. And to explain why inventory has gone up, but the market is not moving, without blaming the cliché “seasonal slowdown”.
Elizabeth Merritt 