2023 is here, and so is the ever-evolving real estate market that begins each new year. What does today’s real estate market bring? There is hope and excitement that fills the homes of sellers and future homes of buyers throughout the country. This year is no different!
What You Hear is Not Always What Is
As agents, we often get asked and even told what the market is doing by armchair realtors based on what they see in the media. And I’m here to tell you, don’t believe everything you hear! I currently cover New Jersey and Pennsylvania real estate markets. And although these markets have shifted in the last six months, buyers are still buying, and sellers are a little slower, but they are still selling.
The market is strong, and inventory has consistently been low. The law of supply and demand is displayed here as we see that no matter how high rates have come, the amount of homes on the market is still low, and buyers still need these homes. Renting has become too expensive for many first-time home buyers, so much so that they don’t care about rates. Rates are a more temporary part of the home purchasing process.
What Can You Do to Stay Informed
Connect with a local real estate agent or reach out to me and I’ll find you the perfect match to keep you informed on your community. Although New Jersey and Pennsylvania are close in proximity there are several differences in demographic, landscape, and environmental concerns. Connect with people that actually work in real estate every day and can answer the question of what does today’s real estate market bring? Why connect with a real estate professional – learn more on Why You Need a Real Estate Agent.
Buying and selling is a big decision and it should be a decision that you feel comfortable making. If you have questions about the headlines or what’s happening in the housing market today — let me know! I’m happy to share more specific data and keep you updated throughout your real estate journey.