January 4, 2023

Holiday Greetings

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Holiday Greetings

Holiday Greetings

As the holiday season approaches and 2022 winds down it's always nice to take a moment to pause and reflect. Not only for what we are thankful for, there's plenty of that but also for what we'd like to do better in the year ahead.

To say that 2022 came in like a lion and is leaving like a lamb would be an understatement. In the beginning of the year demand was high, prices were up, bidding wars were standard, and inventory and interest rates were low. The Spring market started early and continued through the early months of summer when a small shift started to happen. It wasn't too noticeable at first but houses stopped selling on the first day, interest rates started to rise, buyers could finally breathe while house prices continued to rise. That wouldn't change for the remainder of the year.

As I write this new listings continue to decrease as do pending sales. While inventory and home prices continue to rise. The medium sales price increased 4.1% in November to $354,000. While that last part is good news, we're kind of at a stand still as buyers fight with affordability and sellers hold off listing their homes due to weakening buyer demand and an unwillingness to trade in their current lower rates.

Experts are predicting that prices will continue to rise in some markets while declining in others. With the biggest changes happening in overheated markets. But whatever the market we hold firm that investing in real estate is and always has been a really good decision. And not just for financial reasons, our homes are where we raise our families, gather with friends, celebrate our holiday traditions and create lasting memories.

We are so grateful for each and every one of you, for being here, reading this and trusting in us to help with you real estate needs. Never forget that we're here and happy to address any questions or needs you may have, whatever the season.

From all of us at Matt Engen Group we wish you you a very happy holiday season and prosperous new year!

If you have questions about buying or selling be sure to connect with us here.

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