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What is happening in Real Estate? Inventory is growing, slowly. Lot listings in our area have doubled from December to January even as actual sales are down 50%. Residential listing numbers are low, but should come up as we get into spring. These numbers are similar in other parts of the country. The days of real estate agents just taking orders are no more. The days of taking a listing and having it sell in less than 24 hours with multiple offers is now in the past! Now, realtors are going to have to really work for our clients in order to get the job done.
Real Estate typically cycles like this, it fluctuates up and down over the years. For many of you, this may be the very first time you’ve experienced this type of market. In 2022, interest rates were between 2.75% and 3.25%. Today, interest rates have gone way up, ranging between 6.5% and 7.2%. Some of you are shocked seeing interest rates in the sevens. And for a few of us, seeing agents fretting about interest rates in the sevens is almost laughable. We remember rates when they were in the 18% and 19% range in the late 1970s and early 1980s.*
Coastal Realty Group has had to adjust in this cyclical flow as well, but we are still in the top 3 local real estate companies in Gulf and Franklin Counties for 2022. In fact, now our 19 years of buying and selling totals $1,072,464,919! (that’s * one billion, seventy-two million, four hundred sixty-four thousand, nine hundred nineteen dollars!) We thank YOU, our customers and clients for your support and referrals and faith in our company. We hope to continue to be your go-to for real estate services for many years to come!
The weather has been teasing us with spring, but we know the cold is not over yet. Even so, the flowers and trees are starting to send out new buds and tempting fate! We will have to get out on these sandy beaches before long! Check out the upcoming events below and we hope you drive down and enjoy some of them with us!
Sunniest Regards,
Preston J. Russ & Brian K. Burkett
Brokers
*source: MFO, Jan 2023 newsletter
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