The local housing market is a featured spotlight in HousingWire magazine housing trends all over the country.
New York City, New York
In many ways, the spring of 2022 marks the full return of New York City, and for real estate agents like REAL’s lead agent Johnson Tsai, this means a significant increase in rental demand. was “Usually we are very busy from March until he’s August, sometimes he’s until October,” he says. “This seasonal trend returned last year, after which more people who left at the start of the COVID-19 pandemic returned. It’s still a weird market, but it’s starting to get a little more normal.”
Tsai works with both homebuyers and tenants, and says his business is typically split 50:50 between buyers and tenants, but in the last six months, he’s lost his mortgage. He noticed a change as interest rates on the bank rose. “Given the current market, my business is at least about 60% renter and the remaining 30% to 40% he is buyer and seller,” he said. He also expects the ratio to continue in his 2023, and said the ratio for his business could increase this spring.
On Florida’s Gulf Coast, Sarasota is the gateway to some of the state’s most famous beaches, including Lido Key and Siesta Key. The sugar-white sands of the local beach have always attracted both tourists and prospective home buyers, but according to Sandy Williamson, his local eXp Realty agent, in the last few years the regular attracting more buyers than “A lot of people are moving here from other places,” she said. “They want to avoid state income taxes and don’t want to live in bad weather anymore.”
Williamson noted that the housing market slowed in the fall, following typical seasonal trends. But home prices are still up more than 15% year-on-year, according to Redfin. As we move further into 2023, Williamson expects to see the usual increase in demand, but said buyers were less optimistic than they were a year ago. Because most of the people who move here are either retiring or retiring soon, maybe they make a living off of investing in the stock market, it’s been a little touchy lately, so buyers You might do so: Keep your budget a little more conservative and consider taking out a mortgage instead of paying cash for the house and tying all your money together,” Williamson explained.
The Pacific Northwest and Seattle, in particular, have a bad reputation for being always cloudy and always raining, but Amy Breach, local Keller Williams agent and member of The Hill team, says the stereotype is I say it’s not accurate. “Our temperatures are moderate. Not extreme in any direction, but we have beauty in all four seasons,” Breach said.
“Summer is alive and well here. You can feel the energy shift during the summer when the sun comes out and the whole city shines.” We also noted that there are different environments within hours of the city, right down to the desert. The area’s natural beauty and abundant employment opportunities have drawn home buyers to Seattle for years.
“There’s always a flock of buyers from out of state and out of county.” Breach said the market has cooled recently as interest rates rose to their highest levels in decades, but the market is no longer a buyer’s market. He said he did not expect a switch in the near future. “The market is now a more balanced market,” she said. “We have more inventory than we have in the last few years, and we have enough buyers to support that inventory.”
RE/MAX Newport Elite agent Marcia Ricchio was surprised to learn that her Racine, Wisconsin, market was one of the nation’s hottest home markets this fall, according to Realtor. . com. For Ricchio, the toughest part of the slowdown in the housing market will be sellers who are still expecting very high prices and multiple offer conditions, and buyers who are grappling with rising mortgage rates and affordability issues. was to try to bridge the gap between
Despite these challenges, Ricchio said homes that are move-in ready and appropriately priced are still moving quickly, which could lead to a bidding war. “We need to be more diligent about pricing homes and make sure sellers understand that my proposed price is a realistic number if they really want to sell,” she said. “If they say yes and their house looks great, it’s gone almost immediately.”
Located on the shores of Lake Michigan, between Milwaukee in the north and Chicago in the south, Racine has for years lured homebuyers looking for a little more value for money. “It’s small but not too small and has a downtown with lots of activities and great restaurants. It also has a lake and some of the nicest beaches in the country. I love this city,” said Ricchio.
Middlesex County, Connecticut
Middlesex County, which includes the Hartford metropolitan area, is home to some of Connecticut’s largest cities, including Middletown, East Hartford, and the state capital, Hartford. Since the start of the COVID-19 pandemic, the Connecticut real estate market has experienced a slight resurgence after decelerating and nearly coming to a standstill in the mid-to-late 2010s. “During the pandemic, many New Yorkers wanted to get out of the city and have more land for themselves and their families,” said eXp Realty local agent Michael Sklutovsky. .
“Connecticut is close enough to the city that I could still work in the city after things opened up, but it also had the advantage of being more rural. Despite this upward momentum, market conditions in Connecticut have cooled in recent months as interest rates rose in addition to typical seasonal trends. “February is usually my slowest month,” he said. “But I think it will pick up in the summer, as usual.
This article originally appeared in the February/March issue of HousingWire Magazine.Click here to read the entire magazine.