The Market Still Makes Sense If You Look Hard
The number of potential buyers is still relatively strong; they just need to see homes that are in pristine condition to be pursued to purchase. Although sales numbers were down (71 sales recorded during May 2023 vs. 129 during May 2022) and market days increased (76 days being listed versus 27 in May), real estate fundamentals have returned. They are driving sales and success for both sellers and buyers. Homes priced competitively before coming on the MLS and real estate market attract significant buyer interest, while those able to respond swiftly are rewarded. Overall real estate prices continue to move slower than last year (to be expected). This can be explained by low inventory levels and the seller's (or potential seller's) worries regarding replacing the nearby property. Attracting multiple offers at market price houses demonstrates buyer interest, and demand remains strong even amid economic headwinds on a macro-level. Mortgage rate projections predict their decline