There are some pretty interesting things happening in the real estate market. Interesting stats in Douglas County OR real estate looks good for 2023 homebuyers.
Several of the largest real estate organizations just released their forecast of what they think is going to happen in the 2023 real estate market. On the optimistic side some of them are saying well we’re going to see home prices raised by 5.4% while the pessimistic side says no, I think we’re going to see a decline in prices by up to 5.1%.
Redfin Home Buyer Index shows that the home buyer demand is up 10% and at the same time, mortgage purchase applications have increased by 14% after their low-low in October… Remember when mortgage applications dropped by like 50% which is crazy! That’s half of the number of mortgage applications that we’re coming through, mostly due to the hike in interest rates.
National Market vs. Douglas County OR Real Estate Market
It is important to keep in mind, especially if you watch the national news, which a lot of you guys do, to know that our Douglas County OR real estate market – our local market where homes are bought and sold locally is not based on what’s going on nationally… necessarily, and it’s not based on the national news.
Our local Douglas County OR real estate market is based on local market conditions… So, what’s going on in our local market?
Sellers are more motivated now than we’ve seen them in the past several years and interest rates have trended down just a tad. The real noticeable thing, though, is the peaking seller motivation. We’ve seen massive price reductions so seller price reductions are a reflection of their motivation.
2023 Real Estate Looks Good For Homebuyers in Douglas County
Buyers who are financially able, steady in their employment, and want to put renting in the past can take advantage of a little bit lower interest rates than we’ve seen maybe 3 or 4 months ago and a lower price and price negotiation.
So, these are only a few points, but 2023 real estate looks good for homebuyers in Douglas County OR. Do you know somebody who should take advantage of the current market conditions? If so, give me a call, shoot me an email, or send me a direct message. I would love the referral, even if they’re not ready to buy but they just have questions.