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 seen a strong surge of new contracts turned in for closings on March.

Lawrence Yun, the chief economist for the National Association of REALTORS®, has recently predicted interest rates will slightly decrease over the course of the year, and 2024 is likely to be the strongest year of sales in the nations history. He attributes that to buyers realizing that waiting for extremely low interest rates to return is not likely to happen and there is still a massive amount of pent up demand from buyers. Across the country, and in our market, there are a lot of buyers that have been looking for homes since the start of the pandemic and still have not purchased a home.

All of this news is positive for the realtors at Chinowth & Cohen. Although homes aren't selling the moment they're listed, more and more sellers are seeing the value in what a real estate professional brings to the table. Our Chinowth & Cohen agents are equipped and ready for what looks to be a stable remainder of 2023 and a potentially record breaking 2024.