March 2023 Real Estate Update -40
Where's Our Market Heading in 2023?
First off many of you will want to instantly check the current value of your home (yes values are have changed). Due to the volume of requests that we receive it may take up to 24 hours for an accurate and in-depth report. If you want a report that has very little to do with reality, please check our friends at Zillow because once in a while they're within 10-15% of the correct price. (-;Please click on the picture and follow the link:
New Listings: 171 |
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Pending / Under Contract: 135 |
Closed: 102 |
This a a quick visual that I get when searching residential units each day. Last month it was at 1,425. Right now we're at 1,523, up from last month.
I've included a detailed look at the current numbers from our MLS in my video above.
Interest rates provided by CNET, click on chart to see the full article.
Numbers for 2023 Now?...
So we are past February which is where Ground Hog Day is found and also our barometer oftentimes for sales trends in Southern Utah real estate. Well... we are seeing both inventory and demand increase but certainly not year over year. My estimate is that we will continue to see a surge in activity through early June but with little movement up or down in values. From the look of the 2023 Parade of Homes you would think we were in Beverly Hills but we are not seeing a blossoming trend in $3mm+ homes in noticeable numbers. That's not to say that it won't in the future. We still have one of the most sought after places to live in the U.S. and that's not likely to change soon although with the amount of moisture we've received this year we might return to a Jurassic Park climate! As I write this my hear goes out to those living in places like Mammoth Lakes CA that are literally burred in snow.
Sellers:
It's a great time to sell and buy up, down or sideways as we are still very close our peak market as stated above. Market times have increased to 50-70+ days and our data shows that the average accepted offer is just above 94% of the asking price, New listings are generally coming in closer to comps than we've seen and the number of price reductions have continued to grow. I'm still amazed at how may properties go on the market with crooked cell phone pictures and little or no sequence strategy but that's also my job security! I suspect with the majority of homes under $600k, which are typically more prone to financing than homes above this, we will continue to see price reductions due to rising interest rates. With our annual market inventory surge and potentially rising rates you might consider selling sooner rather than later.
List to sold ratio shows that on average buyers are able to negotiate 4-6% off of asking prices which have stabilized for the most part to very close to the actual comps. Interest rates Creative financing, buying down rates (sometimes even with the seller's paying for it!) and a slew of inventory options it's a great time to buy. Call me for some of the latest strategies. With historical interest rates over the past 50 years being near 8%, it's not the end of the world for rates right now and there most likely will be an opportunity to refinance at a lower rate in the near future.
My self and my agent associates are fluent with securing both listed and non-listed properties for our concierge buyers (call me for details if you feel this would apply to you and I'll explain how it works 435-704-4041). Buyer's that have to sell a house first (contingent) need to be aware and avoid the hidden pitfalls that they might encounter and learn the strategies that protect you while giving you a good chance of success.
Proper pricing and marketing strategies are consistently yielding higher sold prices. CLICK HERE TO SEE MARKETING SAMPLES
Interest rates are most likely going to rise again throughout this year. FIND YOUR RATE HERE
May God richly bless you in 2023!
Dave Diegelman - The Diegelman Synergy Group
Equity Real Estate
(435) 412-1722 office (435) 703-4041 cell
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*©️2023 Dave Diegelman. If your home is listed or you are engaged with a real estate brokerage for your real estate needs this is not intended as a solicitation. We at the Diegelman Synergy Group have made all of our listings available for online viewing and even online offers. These newly enhanced features actually make it feasible to put forth an offer, get it accepted with a contingency of being able to view and/or inspect the property within a period of time (usually 15-20 days) and be able go forward or back out and recover one's earnest money without conflict.
Here's a fun time-lapse from one of our recent storms:
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