Happy New Year!
As we usher in 2023, we close out twelve months of memories, events, changes, and unexpected turns. Some people can’t wait for the fresh start because 2022 was a tough year — one that makes you want to rip the wall calendar down and throw it right in the trash. For others, 2022 may have been a year of weddings, engagements, celebrations, home purchases, or professional accomplishments. Maybe it has been your year and you hope 2023 is even bigger and better.
2022 Real Estate Market Recap
On the real estate front, 2022 was a year of a SHIFT: a recalibrating market that marked the end of the coronavirus housing market boom.
From January to December, we saw mortgage interest rates increase at the fastest pace in decades. Home buyer demand shrank and home sellers scrambled to adjust their expectations. As real estate agents, we are in the center of this micro and macro economic changes. We are in the field, often experiencing and identifying these changes before the headlines catch.
In 2023, our business and professional goals are centered upon helping more people. Every client has their own unique needs and our real estate agents look forward to guiding and helping them through to a smooth close of escrow. If you have friends or family with real estate questions, please refer them to us — we appreciate you trusting our company with the people closest to you.
What are some of my predictions for 2023? In Southern California, as most workers have a better idea about whether their job is in-person, remote, or hybrid, the sideline home buyers who have been saving for the past two years will dip their toes back into the real estate market. First time home buyers will be encouraged by sellers offering more concessions like seller credits for closing costs and paying for repairs. Home sellers who need to do more complicated sales will call the real estate agent who they trust the most — and hopefully that is me, for you! Probates, Trusts Sales after someone has passed away, and chain transactions as sellers list their home and move out of state, will bring more properties and increase inventory. Properties will stay on the market on average a few weeks, but since home buyers and home sellers will have become more accustomed to that pace, it won’t be a cause for alarm.
2023 New Year’s Resolutions
Who will thrive in 2023? If you have a growth mindset and believe you can improve and grow, then you can make changes. Whether they are small changes to your health or routines, your mental, emotional, professional, and physical beings are all interconnected. Look at your New Year’s Goals as goal posts, and your good habits and consistency as the tools to help you accomplish them.
We hope you celebrate the end of 2022 and beginning of 2023 with those closest to you!