2023 was an interesting year to say the least. Hopefully you had time over the holidays where you could slow down and enjoy time with those you care most about.
Real Estate doesn't take a holiday although typically we do see the market slowdown from November through January. Looking at closed Sales in November, we actually saw sales slightly stronger than other months of the year with only a -9% decrease over LY. Interest rates for those needing loans are holding or slightly decreasing from where they have been. Lenders are continuing to come up with creative new programs or offerings that can assist a buyer in lowering their monthly payments. However insurance continues to be a challenging mindfield that is impacting all sellers/buyers, as the state grapples with enormous losses caused by insurers leaving the state, either temporarily or permanently.
