Real Estate Trends

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Market Trends

Real Estate Trends

Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership more difficult for Americans than in years passed. Buyers and Sellers can greatly benefit from the tools and input provided by real estate professionals.

In many large cities, home prices have outpaced income. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent. Even with a downturn in the real estate market looming on the horizon, home sales are starting 2023 moderately strong.

Rising interest rates are the only continuing trend of the housing market. Fluctuating rates average hover around 6 percent for 30-year fixed-rate loans. The Federal Reserve has continued to raise rates to battle inflation. The rising fed rate impacts all lending rates.

The effect on our local market is that buyers borrowing potential has been reduced as lending rates rise. On the seller's side, continuing low inventory on the market has kept home values reasonably stable. Buyers aversion to rising rates has coaxed sellers into providing some concessions. Decreased bidding battles has brought back Home Inspections while lessening Escalation Clauses and Appraisal Gap offers.

If you are considering buying or selling a home in Maine, New Hampshire, or Massachusetts, please feel free to contact us for the latest trends in the market. We specialize in the Seacoast area, but have worked widely in all three states. Call Heather Kelly 603-957-0668 or Ed Kelly 907-242-0976. Consult our website for other contact options.