THE CHANGING MARKET
As we head into the second month of 2023, everyone is watching the housing market. The last couple of years have seen home prices increasing steadily, but with mortgage rates almost double what they were a year ago, the price increases have come to a halt. With all the housing market changes we are facing this year, your experienced real estate professional is your best resource for much-needed market advice.
According to the National Association of Realtors® Chief Economist Lawrence Yun, "the 2023 housing inventory is expected to remain low." A low housing inventory means that the number of homes for sale is typically lower than the demand for those homes. For homeowners, this means that now may be a great time to sell your home if you've been on the fence. Yun added, "the ongoing housing shortages will prevent home prices from falling, though appreciation will slow." After significant gains over the last three years, the NAR predicts that home prices will rise just 0.3% in 2023, making now the best time to buy or sell if you're waiting for the right timing.
GREATER FORT WAYNE
Regardless of what is happening nationally, the Greater Fort Wayne area continues to draw more and more new businesses and individuals to our active and engaging communities. Greater Fort Wayne has a vibrant, growing economy and one of the country's most affordable living costs despite the recent population growth.
Downtowns are the heart and soul of growing communities and show a city's authentic flavor. Downtown Fort Wayne has seen a complete revival in the last decade through aggressive efforts for improvement. Whether you're looking for a thriving entertainment, business, and cultural center, a laid-back small rural community, or an outdoor adventure in our northern lakes counties, when you invest in this region, you can rest assured that you're investing in your future.
WE ARE HERE FOR YOU
Whenever you are ready to buy or sell a home, it would be our honor to guide you through the process. When you work with a Brian Peterson Realtor®, you have a powerhouse in your corner fighting for your interests. Call us today and find out how we can best serve your needs.