Is 2023 Your Year?

As we prepare for the holidays, many of us are also thinking about the year that’s ending and making plans for the one ahead.

If 2022 was the year you made a change, congratulations! Whether upsizing, downsizing, or moving to that “someday” neighborhood, it no doubt wasn’t easy due to limited inventory, prices, and stress producing bidding wars. But, if the pandemic taught us anything, it’s that life goes on.

We certainly didn’t start 2022 with the goal of leaving our home of 28 years. But, as the year progressed we realized that we were the people who we frequently talked about. We had a house that had become too big; was getting increasingly expensive to maintain, and didn’t fit our lifestyle. It was time to downsize.

Making the long story short, we used the equity in our home to help finance the purchase our new — and smaller — one. We then marketed our old house putting us in the position of knowing where we were going, which is a common concern expressed by homeowners, who want to sell.

If you sat on the sidelines this year waiting for prices to drop (or go even higher), you should know that — as predicted — prices are stabilizing. According to the latest report from the Cape Cod and Islands Association of Realtors, the median sales price of a single family home last month is just 1.4% higher than November 2021.

BTW…The median sales price of a condominium for the same time period is up 32.3%!

Last month, sellers received 95.9% of original list price. YTD that figure is 100.5%. This is good news for buyers and maybe not so good for sellers, who were hoping to receive the same crazy price that their neighbor got earlier this year. Anecdotally, price reductions, which had been rare, are now on the rise.

A home priced right will still sell quickly. We just put two under contract. And equity will put homeowners in a favorable position to make their next move.

With family often together over these next few weeks, please don’t hesitate to contact us, if you discuss making a change. We’d be happy to provide the most current information available to help you make a decision. You reach us at 508-360-5664 or [email protected].

As the holidays approach, we can’t help but think of the clients/friends who we worked with in 2022 and the hundreds we’ve gotten to know over the last 22 years. We hope everyone enjoys this special time of year in the place that they now call “home.”

Best wishes,

Mari and Hank