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Latest news in Canyon Creek Home Sales for January 2023

What you need to know…… READ THE WHY of January 2023 numbers!

How it impacts you…….. 

January is typically a slower month in real estate with the holidays and so many families traveling. School in Austin didn’t start back until 1/10/2023 this year!

   

Continued cooling of our market has helped our local market stabilize. Home buyers are making peace with higher mortgage rates, and sellers are making peace with the need to cut prices. Over all home buyers and sellers are adjusting their expectations.

The beginning of 2022 we were looking at weeks and sometimes days of inventory. This January we are experiencing 1.5 months of inventory. That is significantly lower than the 6 months which is considered a balanced market.

January sales included 2 homes that were introduced to the market with an average of 60 days. Both had several price reductions and both under contract multiple times. I’m sure they were thrilled to close, but because of not hitting the market with the right price, they suffered following the market down during the holidays.

When comparing the ultra-competitive first half of 2022, the numbers don’t look good, but if you compare to 2020-2021 the majority of buyers are a head of the game. Lenders are saying January is seeing increases in loan applications, open houses are busy so there is more activity as buyers re-enter the market!

Sellers, don’t get crazy thinking we are going back to the frenzy of the first half of 2022.  That is not happening!! You have to prep your home for success, have a proper marketing strategy and by all means price correctly! Prices are not going to continue to escalate like in the past 2 years. Our Canyon Creek market is not dead but we need good saleable inventory!

       

8 properties over the last 90 days have removed their home from market. There are ways for these homes to sell with proper pricing, showing condition, agent networking and extensive marketing.

ACTIVE LISTINGS:

Three homes out of 1,380+ homes  

PENDING LISTINGS:

One home

SOLD LISTINGS:

Two homes

Navigating the market is evolving on a weekly basis. Sellers’s the more you do to prepare your home for market the stronger your position will be to attract an offer.  Stand out from the crowd! Nothing like fresh paint, stellar curb appeal and spectacular photos to catch the eye of the buyer. Remember the eye buys!

Pricing a home correctly is key! The “right” price brings buyers, fewer days on market and higher prices. Don’t fall into the trap of overpricing!

We serve our clients by arming them with strong market knowledge and seasoned experience. Want to know what a buyer would pay for your home? Let’s chat about your goals/intentions and figure out if 2023 is the right time for you to make a move.