2023 Greer Real Estate Forecast
What does the Real Estate market look like for 2023? Things have slowed somewhat in the 4th quarter of 2022, however it’s all relative depending on how you look at it.
There’s no question that the housing market in Greer has been on a wild ride for the last 2 years! It’s a fact that there is pent up demand for homes. We frequently hear interest rates are causing buyers to put their buying aspirations on the back burner. At the same time, rents are on the rise. If you are considering a move in 2023 and find the home that fits your needs, you may want to “date the rate and marry the house” meaning buy the home you love and refinance when rates come down.
Inventory of newly listed homes has doubled compared to the previous year, but it is still a sellers’ market. The average price for a home in Greer has skyrocketed 13.7% from $303,538 to $345,000. If you are a homeowner, odds are your equity has grown significantly over the last few years.
The word recession will be used a lot in 2023, but did you know that in 4 of the last 6 recessions home prices rose from 3-6%? In 6 of the same recessions interest rates fell .61 to 5%! The agents at Expert Real Estate Team would love to show you the data to help ease the uncertainty you may be feeling. Additionally, some home builders are offering hefty incentives to close on existing inventory.
If you are on the fence about beginning or resuming your home search, Odeta Kushi, Deputy Chief Economist at First American offers this perspective; “If you can find a house that meets your financial expectations for a monthly payment and it is a good time for you to buy, then do that, …..And if you wait for prices to fall but they never do, you may discover the hard way that the house you found a year ago that you really loved, that you could afford but you passed up, is more expensive next year.”
It’s important to rely on the Experts to guide you through one of the most important financial decisions you will make. Jason Lewris, Co-Founder & Chief Data Officer, Parcl, sums it up when he says, “In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt. These decisions can be hugely consequential for consumers and businesses.”
Now, more than ever, as you weigh your options, especially in the face of inflation and talk of a recession, it’s essential to lean on a Real Estate professional who has in depth knowledge of today’s housing market. If you are considering selling, or buying, or both, reach out to us at any time. We are happy to start the conversation or answer any questions you have.