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 NRV_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
We hope you find our 2022 Nest Realty Market Report helpful in understanding the true story of the real estate market in the New River Valley. We’ve seen two extremes in the NRV within the last 12 months. From 3% rates in January to a peak of almost 7.5% in November, mortgage interest rates have been both a boom to sales in the Valley, and an intentional brake slowing things down. One thing that remained a constant through it all, however, is that available homes for sale have remained historically low, creating a healthy environment for both buyers and sellers. The challenge in 2023 will be not that the real estate market is crashing, because it is not. Nor will it be that buyers are not be able to get financing, because they will. The challenge will be that available homes for sale will remain very low in 2023.
We’re ready, and we’re going to make sure our clients are as well. Whether you’re buying, selling, or both, our agents are prepared, regardless of market conditions. We’ll help you cut through the noise and get to the heart of what really matters. So let’s talk about how to make the most of your opportunities in the coming year!
–At Nest Realty NRV, whether our clients are searching for their dream home or are ready to leave their nest, we love helping folks during this next chapter of their lives. Through unique marketing assets, in-depth market analysis throughout the year, and experienced agents, we provide invaluable insight that will help you achieve your real estate goals. 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.