A new year is upon us. Only a few days of 2023 are left, and many are probably saying "good riddance!" It has been a wild year with real estate prices up and then down. The market can't seem to make up its mind which way to go.
How can we blame the market? People are upset with the high interest rates and high inflation. Many people are having a hard time making ends meet. 2023 has not been nice to many home owners and first time home buyers. However, those who rent have been hit hard as well. Rental prices have gone through the roof in my area.
Some people have decided this is a good time to downsize while their home values are still high and they have the opportunity to make a change. Baby boomers are retiring at a fast rate and lots of Gen Xers are also making the most of early retirement.
We've seen an exodus from states with high taxes, and high crime. Sellers in those states often buy similar properties in other states for less money and smaller taxes. That's a win-win.
Real estate continues to be a good investment even with all the changes. It is ever revolving and a good agent understands the ups and downs of the industry. The biggest upset may be next year in the courts concerning agency. We will have to wait and see where this goes. Until then, Happy New Year!!!!
Ricki McCallum RickiMcCallumBooks.com
Comments(1)