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01/31/23
Hello 2023
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Winter 2023
Here we are in the quiet part of winter approaching a new real estate season… So what are we seeing?
• Higher interest rates and home prices have had the effect of causing some buyers to put purchasing a home on hold while other buyers are adjusting their parameters.
• Building permits fell to an annual rate of 1.33 million in Dec., the lowest level since May 2020.
• That said, the US Housing Market Index, which measures market conditions for new home sales rose 4 points from December to January to a calculated rate of 35. (To put this in perspective an HMI over 50 indicates that more builders view market conditions as good vs. poor.) NAHB Chairman Jerry Konter states that the rise may indicate the cycle lows may have passed and a rebound could be underway.
• Local CT agents expect resale activity to begin picking up in February.
Despite current market challenges there is still an opportunity to find value…. with two important considerations.
• First and foremost is the discerning feature of property location. Distance to local amenities like beaches, parks, schools, stores, restaurants, transit hubs, etc. all play a role in future demand and long-term value appreciation.
• The second is to consider renovating a home. It seems to be passé for today’s buyer making homes that need a little TLC the place to find value as the masses forge past them looking for the totally new or move-in ready home. There are plenty of local experts who can help. Renovating a home whether big or small represents an opportunity to get creative and customize your environment tailored to your needs.
Whether you (or someone you know) are planning to buy or sell a home there is a lot to consider. As a real estate professional, I will help you navigate the market landscape and be a resource for all your real estate needs. Please don’t hesitate to call.
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86 Halls Road, PO Box 509, Old Lyme, CT 06371
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©2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. |
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