Change is in the air - What we've seen over the past few months is what we consider a shift in the market and regaining a sense of normalcy.
The question on everyone's mind, though: How does today's market compare to last year? And where does it go from here? It's tempting to think about it in terms of ups and downs, but the facts show that 2023 will move at a better cadence than it was even in 2021, during the peak of the real estate boom. How quickly we forgot what "normal" even is!
Buyers during the latter half of 2022 became increasingly price-sensitive; however, properties with prime locations still saw success. Luckily, Wilmington remains an ideal destination for secondary residences and families relocating to our charming coastal town full-time.
We're forecasting a slow start for buyers and sellers in the first and second quarters of 2023, likely leading to a stabilizing market as we move into summer. Assuming inflation seems tamed by mid-year, mortgage rates may slip a little lower and the stock markets a little higher, leading to higher sales volume. For buyers, the time to act is the first quarter of 2023.
With that said, there is still no crystal ball for this sort of thing - only trends that illustrate the bigger picture. Ownership in the Wilmington area is still very valued. Time with loved ones is still important. And, as always, we are here to guide you on your real estate journey every step of the way.
Looking forward to what's ahead.
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