Local stats show us moving out of the negative month-over-month sales numbers and back into positive territory. We think folks have absorbed the "new normal" of 5-6% interest rates and still wish to obtain the dream of homeownership. However, 1/2 of homeowners with a mortgage refinanced during the last three years, so many homeowners with interest rates in the 3's will not be motivated to sell anytime soon. This shortage of listings continues to drive the equation and is pushing the prices back up and the time on market back down.
The National Association of Realtors' February 2023 stats show that 24% of properties sold for over list price. This is also reflected in our market, and I am seeing good properties sell quickly with multiple offers. Our goal is to get our clients the best value, regardless of the environment, so in some cases, that may mean making multiple offers before we win the day. But in the end, we know you can only negotiate a good price on the buy, as that is the only time you set the value. When you sell, the market will dictate the price!