Arts & Leisure Real Estate Advice

Real estate advice: How do you expect the local market to change in 2023?

NANCY FOSTER

This week we’ll hear from Nancy Foster of Champlain Valley Properties – Realtor/Owner.

There are times I wish I could predict the future.

Like most who want to know what to expect with the real estate market, I read the national articles about this topic. They predict the lowering of real estate prices in many areas that have been “hot markets.” This is already happening in some parts of the country. Should this be a warning sign for our local market?

The local real estate market has experienced a good increase in the value of homes in the past two years. There has been a very low number of properties for sale compared to the number that we were normally on the market in previous years. The low inventory has led to multiple offers on properties. We are seeing the number of offers on an individual property, even a very desirable one, decrease this year. If more sellers put their properties on the market, I think we will see a decrease in multiple offers, which will keep prices from being bid up.

The increase in mortgage rates has not kept most buyers out of the market. It has meant they need to look at less expensive homes. This will have an impact on the rise in prices, but I don’t think it will bring prices down. Many buyers have dropped out of a market with bidding wars on properties. With many buyers making cash offers, they feel they can’t compete if they need to finance their purchase. More properties on the market, and less competition will make it so they can have hope of being able to purchase a new home.

I think our market will remain strong in 2023. I think the rate of increase in prices will decrease. I see no indication that prices will come down in any significant amount. This depends somewhat on the overall economy, which I really cannot predict. If you are looking to purchase a new home in the next year, it should be a good year to do so, as long as the inventory of properties on the market increases.

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