Whether you have been paying attention or perhaps just trying to “drown it all out,” you know that the economy, and subsequently the real estate climate, has been in a relentless state of uncertainty.
That being said, MerryFox Realty president, Dan Fox, is optimistically looking ahead at what he believes will be a much more stable and sustainable 2023.
“When Covid and historically low interest rates collided, it threw the markets into an absolute frenzy,” he explains. “As companies began going remote and the cost of borrowing came down, we saw droves of people heading for the suburbs in a mad rush to get out of the city. This, of course, was great for sellers, but not healthy for buyers who felt they needed to decline home inspections and financing opportunities because of the limited supply and wild bidding wars.”
“With interest rates nearing double what they were and Covid becoming a less dominant issue, the market has already started to revert to a more steady pattern. Over the past three months in Salem alone, we have seen a 28% increase in condo and 58% increase in single family inventory, a 30-40% increase in days on the market, and a flattening of sale prices.”
While these changes should be encouraging to anxious buyers, Fox does not want to dissuade hopeful sellers. He explains that though fluctuations are inevitable, the North Shore market is very healthy. “We are seeing steady growth as the market corrects itself. As far as pricing, I expect that we will see some ‘ups and downs’ but we should not expect the volatility of the last couple years. This ‘normalization’ will help ease an agitated market and bring back a more traditional, composed home buying process where seasonality comes into play and financing contingencies, price negotiations, and inspections are standard. This stabilization is a very positive thing for both sides of the table.”
Spearheading through the precariousness of the market, MerryFox has remained a front-runner on the North Shore. Despite the year’s turbulence, most specifically the passing of Fox’s longtime friend and partner Betsy Merry, the company has had countless achievements including the sale of all 56 units at Salem’s upscale BRIX complex and the successful “kick off” of The Elbridge in Marblehead where more than 50% of the units have been pre-sold to date.
“At MerryFox, we thrive on having a pulse on the market,” says Fox. “We have the knowledge and the experience to guide buyers and sellers through the process. Hiring a seasoned professional for your real estate needs has never been more critical.”
For more information on marketing your home or beginning your home search, call MerryFox Realty at 978-740-0008.
AT A GLANCE:
Dan Fox, President
224 Derby Street, Salem, Mass.