We are proud to present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Fredericksburg_2022 Annual Report
MARKET OUTLOOK – NATIONAL LEVEL
With our Nest Annual Report, we aim to provide the most useful information possible, as every homeowner needs to keep tabs on their investment, and every potential shopper needs to be informed before embarking on such a major financial decision. Locally, we study neighborhoods, builders, and development trends, but on a national level, there are three trends that year-in and year-out are a fantastic indicator of the overall health of our national economy, and by extension, the housing market: Mortgage Rates, Consumer Confidence, and Unemployment Rates. Looking at these numbers allows us to make predictions of what we should expect to see in 2023—which is a more stable real estate market. Mortgage rates have increased more quickly than economists had predicted, but they still remain in an affordable range, historically speaking. And while consumer confidence is down entering 2023, it has been trending upward since June 2022. And finally, unemployment is running extraordinarily low, which points to potential real wage gains in the coming year, benefitting average consumers.
MARKET OUTLOOK – LOCAL LEVEL
The 2022 real estate market perpetuated the real estate industry’s need to pivot quickly. The year started as a seller’s market, with buyers waiving inspections, offering well over list price, and coming to the settlement table with cash. As the fall season approached, we experienced a shift due to higher interest rates, global inflation, and a change in buyer confidence. However, homes still sold. Buyers could negotiate closing cost assistance, interest rate buydowns, and various inspections. As we enter 2023, the good news is that the Fredericksburg and Culpeper areas are strong real estate markets and historically outperform the national market. This area will continue to experience job growth, and interest rates are expected to hover below 7% for the year.
Your Nest Realty Fredericksburg agents are ready to tackle the new year with gusto. We have spent the last several months increasing our aptitude in negotiation strategies, knowledge of assumable loan processes, and navigating our new sales contracts. We will continue to monitor the national and state real estate markets and educate our local consumers on the best opportunities to buy and sell.
–We’ve weathered the storm through market ups and downs and a global pandemic. Nest Realty Fredericksburg is committed to offering the best customer service, provided by the area’s best real estate agents, with inclusion and respect. At Nest, we are all about intentional and strategic growth. As of 2022, we have 451 Nest agents buying and selling throughout 23 offices in 17 locations, spanning seven states across the U.S. With each new office that opens, we are able to expand our reach, better serving you, our incredible clients.