As 2022 comes to a close I find it’s a good time to reflect on this past year in real estate. Like most of us I enjoy winding down the end of the year and taking time to focus on my family and friends and the year we’ve spent together.

This past year has been a roller coaster in the real estate industry. We started the year off with interest rates in 2’s and ended with interest rates in the near 7’s. In January we had record low housing inventory with an average of 3 days on market to an average of almost 3 weeks in December. Prices that were at an all-time high in March are now dropping to values we haven’t seen since the middle of the pandemic. No one could have predicted how this year would end with the way it started. 

As important it is to reflect on this past year, it’s just as important to contemplate what is to come for our industry over the next year. This past year has taught me it’s nearly impossible to predict what’s going to happen in the Real Estate market, but interest rates and consumer confidence are going to be the key factors to the industry trends. 

Home values are directly correlated to the consumer market and regardless of how amazing a home is, it’s only worth what a buyer is willing to pay for it. Home affordability changes dramatically when you’re comparing a 3% interest rate to a 6% rate and your monthly payment increases by a few hundred dollars. Sellers must be prepared to help buyers with interest rate buy downs or be prepared to reduce their homes price to help offset the higher rates. 

The good news is we’re still closing out 2022 strong and we saw some amazing gains in both real estate development and value growth this past year. As our community continues to be ranked among the most desirable places to live in NC we’ll continue to see growth and increasing home values. Hopefully 2023 can be a more reasonable, or dare I saw normal, year in Real Estate. Only time will tell and I’m extremely excited to help those families looking to buy or sell a home next year in our amazing town! 

As always, if you need any help or have questions about the Real Estate market I am always available and can be reached directly at 980-250-2795 or Matt@BriggsAmerican.com.

I wish you all a very Merry Christmas and a Happy New Year!!

Cheers!

Matt Briggs Lawson

Check out my latest client testimonial! “My wife and I were delighted with the service we received from our Briggs American broker, Matt Lawson. He handled both our sell and buy transactions with complete professionalism and integrity and allowed us to achieve excellent results. The marketing effort he put together for our property was exceptional. We know we weren't his only clients but the responses we received made us feel like we were.” M. Edwards

Matt Lawson, MBA is the Owner and Broker in Charge of Briggs American Homes, a real estate team at REAL Broker, LLC. Matt lives and operates his business right here in Waxhaw, NC and is passionate about all things Real Estate.