It’s hard to believe that 2022 is almost over and 2023 is just around the corner. This has certainly been an interesting year in the real estate industry, and we are very proud to have helped so many of our clients navigate the ever-changing market conditions.
First and foremost, we would like to take this opportunity to wish everyone out there a very happy holiday season. Merry Christmas, Happy Hanukkah and Happy New Year to you all!
Next, we would like to express our gratitude to everyone who has impacted our lives and business this year. Thank you to each and every one of our real estate clients who put their trust in us to provide professional guidance and support. We understand buying or selling a home can be a stressful time. There are many important decisions to make throughout the process, which is why we dedicate ourselves to providing you with personalized service to meet your specific needs and goals.
We would also like to thank the entire team at Keller Williams and all of our professional service partners who help us and our clients with so many different aspects of the real estate process. We are especially happy that our son, Taylor Cyr, joined The Cyr Team a couple years ago. He has brought so much positive energy and creativity to the group, and it means so much to see him building his own legacy within our family business.
2022 in Review
2022 was not without its challenges, especially in real estate. We saw the effects of high inflation and rising mortgage rates slow down what was a very hot market the past couple years since the pandemic. This was a natural market correction and the key indicators are still very strong. Home prices remain high as housing inventory remains very low. Yet, there is plenty of buyer demand. We have seen an increased number of price reductions, which helps offset the higher mortgage rates. Buyers and sellers who are better prepared and taking the time to make the right decisions are still doing well.
We always believe there is a right time for any buyer or seller to make their move. Market conditions will ebb and flow. This is why it is so important to be prepared and follow your plan. This is how you make smart decisions when buying or selling a home.
Check out our videos on YouTube for the Year In Review as well.
Looking Ahead to 2023
The local real estate market generally slows down during the winter season, but we are already gearing up for what should be an exciting spring and summer market. Low inventory will still be a challenge in 2023 and we don’t expect mortgage rates to drop too much. They may even go back up a little as the market warms up.
If you are planning to buy a home in 2023, it’s a good idea to start preparing now. Get your finances in order. Working to pay down debts, save up for a larger down payment and improve your credit score will help you get pre-approved for your mortgage loan and lock in a lower interest rate. Having your financing set will give you many advantages when searching for homes and making purchase offers. You’ll know what you can afford and sellers will know that your financing is solid.
If you are planning to sell a home in 2023, now is also a good time to start preparing. Get your house ready for the market. Take care of necessary repairs and consider making strategic upgrades that will increase the property’s potential resale value. Start talking with local real estate agents and figure out who you want to work with during your home sale. Staging and marketing are more important than ever right now, so you want to hire a Realtor®—or a real estate team—with proven knowledge and experience to guide you through every aspect of the transaction.
If you are looking to buy or sell a home in the Southeastern Pennsylvania or Northern Delaware areas, get started as soon as you can. Contact The Cyr Team today and let us help you get prepared for your next big move.