This week our monthly residential real estate updates continue with a new piece from Kay Bates, residential real estate broker.
Enjoy, JR
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It’s November...
We are officially ready for the holidays. Halloween is over and everyone is planning their Thanksgiving Dinner getaway or staycation.
In the midst of planning, the million dollar question I’m still being asked is: How much is my home worth? Rather than tell you, let me show you in a graph.
A modest recession caused by the Fed’s ongoing battle against inflation will keep interest rates elevated to suppress buyer demand and contribute to a weaker housing market in 2023, according to a housing and economic forecast released in October 2022 by California Association of Realtors.
The diagrams below illustrate the activity numbers through October 2022 and compares the data to October 2021 for Single family homes.
While housing prices have remained strong over the past year, the level of activity has already slowed. California Association of Realtors commented that existing home sales are forecast to decline marginally by about 7.2% in 2023.
The one thing I know for certain is that numbers never lie, but they don’t tell the whole story either. There are several reasons you want or need to buy or sell! If that’s the case, get solid information and advice and don’t let panic or rumor affect your decision.
Sincerely, Kay Bates
