Posts from February 10th, 2023
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Market stabilizes as home prices level off, buyer activity increases
Our MLS experienced a 23% drop in closings starting in September 2022, and that slowdown grew to a 28.5% decrease by the end of the year. During that time, listing inventory increased 8%, and the time on the market for sellers increased by 20%. As a result, an increased number of sellers have seen the value in the expertise and marketing efforts we provide, and the realtors at Chinowth & Cohen have gained a significant increase in market share
Prices have leveled off, and we have recently seen an increase in sellers negotiating more on their prices. We've also seen a noticeable uptick in sellers offering credits for closing costs or buy-downs on buyers' mortgage interest rates.
It appears more favorable market conditions are on the horizon. Many of our realtors have reported a drastic increase in buyer activity since the beginning of 2023, and we have s...
