Market Report Feb 23

Dear Neighbor,

When you’ve outgrown your current place and you’re looking to move to a home that provides all the space and amenities you need, you want to ensure you’re maximizing your returns. However, you already have so much on your plate, add managing a move and preparing to sell, and things look less than appealing.

For most of us, our homes are the most significant asset we’ll ever own—so, of course, you want to understand this asset and the market. As you consider selling, you deserve insight and guidance from an expert in your local market. Here are the top things to know about the Concord real estate market right now:

Here’s a review of the top things to know about the Concord real estate market comparing January 2023 to January 2022:

Inventory Is Down, and Demand Is Leveling Out

With the inherently limited number of properties and consistently high demand, Concord regularly sees a boost in sale prices. January tends to be a quiet month, and this January, 4 homes were sold compared to 5 that were sold last year. The sale-to-list percentage (how close the actual sale price was to the original list price) dipped to 93% in January, down from 109% at the same time in 2022. The 15% decrease in the sale-to-list ratio indicates that there are fewer bidding wars that were responsible for driving the sale price well over the listing price. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home, so you get maximum return.

Average Sale Price is Trending Up

Despite the decrease in sale-to-list ratio, the batch of homes sold in January 2023 sold at a much higher price than those in 2022. The average sale increased to $3.44M from $1.87M in January 2022. Average days to offer increased significantly, indicating a shift to a more “normal” paced market – with 55 days this January as opposed to the mere 9 days in January 2022. Understanding the nuances of these stats is critical when you are selling your largest financial asset—and that’s precisely why you deserve a strategic marketing plan.

A Pocket of Opportunity This Winter

Despite the doom and gloom of National Headlines, our local market is still active. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market. I imagine when mortgage rates dip under 6%; we’ll see more buyers who’ve been holding off jump into the market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When I work with my clients, I take a holistic, 360-degree approach. This means understanding your exact needs—and only then, applying the right strategies to get you the maximum price with the fewest days on market.

As a Concord resident that’s highly passionate about our area and with a strong background in marketing (at companies like Facebook and Yahoo!), I implement proven strategies designed to attract qualified buyers. This way, we can get you the highest price for your home with the fewest days on market.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-4663

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call today → 978-734-4663

Jamie Patterson

License # 9578512

eXp Realty

Jamie.Patterson@exprealty.com

978-734-4663

Concord Market Highlights

Source: ©2023 MLS Property Information Network, Inc

Looking Ahead

Here’s what we’ll be watching over the coming months:

1. Mortgage Rate Stabilization

Economists are expecting interest rates to hover around 6%, but the general consensus is that there shouldn’t be more wild increases anytime soon. This is excellent news for buyers and homeowners that are thinking about selling. You’ll want to be strategic with your marketing to attract high-quality buyers and sell your home fast.

2. Concord Middle School Tax Impacts

Tax increases across the country have many homeowners wondering what their real estate markets will look like in the near future. Close to home, we have the Concord Middle School tax increases. This is no light issue for some of the homeowners here who might struggle to pay. No one knows how this may affect inventory as yet, but regardless, it’s important to be strategic as a seller in any market.

3. What to Expect When Selling Your Home

The market is always evolving. You deserve to sell your home for the highest possible price no matter what. The right marketing strategy, accurate pricing, and skilled negotiation are what make the winning difference when you’re ready to embark on what is one of the most meaningful transactions of your lifetime.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-4663