Happy New Year! As we start off 2023, it's a great time to take a look at the current real estate market and what it holds for the year ahead.
One trend that we've seen in the past couple of years is an increase in demand for single-family homes, as more people look for more space and privacy during the pandemic. This has led to a shortage of inventory in many markets, and as a result, home prices have been rising. This trend has continued and it's expected to remain strong in 2023. With interest rates remaining low, many buyers are taking advantage of the opportunity to purchase a home and this is driving the demand even higher.
Another trend we're seeing is a shift in the types of properties that are in demand. With more people working from home, there is a growing interest in properties with home offices, as well as properties with outdoor spaces like gardens and decks. Remote work has been a permanent change for many companies and people are now looking for properties that fit their new lifestyle.
In addition to the increased demand for single-family homes, we're also seeing a strong interest in suburban and rural areas, as more people look for a change of pace from the city. This trend is expected to continue in the coming year, as remote work becomes more prevalent and people have more flexibility to live in areas outside of the city.
All in all, the current real estate market is expected to remain strong in 2023, with continued growth in home prices and demand for single-family homes, suburban and rural properties, and properties with home offices and outdoor spaces. If you're thinking about buying or selling a home, now is a great time to do so!
It is important to note that the current market conditions are very dynamic and it's always better to consult with a local real estate agent like myself to have a better understanding of what the local market conditions are like. It's always better to be well-informed before making any real estate decisions.
All the best in your real estate journey in the new year!
EXP Realty, Seattle