March 2023 Buyer & Seller Sentiment
In todays show we will take some time to review the latest buyer and seller sentiment data for March 2023. We also take some time to consider what the data says about buyers vs what we are seeing buyers actually do in the marketplace.
We will also talk a bit about thoughts relating to when to buy and what might be good options relating to taking advantage of the market now in anticipation of interest rates dropping sometime in the next year or two when the Fed starts to reduce interest rates to fight recession.
Homebuying Sentiment
For home buyers, sentiment is noted as relatively unchanged. Of course, this is only true if you are looking at the month to month data. However, the bottom line is that 79% of buyers believe it is a bad time to buy. The article referenced in the source below does not give the year over year change, but I have no doubt that the home buying sentiment has taken a nose dive compared to the same time last year.
Home Selling Sentiment
Overall, home owners seem to be in agreement - at least on the national level - that it is a good time to sell. 58% agreed that it is a good time to put their home on the market. However, while this may be true nationally (and I would like to see homes listed in March data to back that up) our local data does not support the conclusion that more home owners are interested in becoming sellers.
In Santa Clara County, we saw a drop of 37% in new listings from the same time last year. In January, we were down 27% from the same time last year. That sure does not seem to indicate an uptick in the number of home owners looking to become sellers.
Even More Dangerous Now
In this weeks show I also spend some time talking about how to time your purchase to take advantage of the current market conditions and to then potentially benefit from a reduction in mortgage rates that will come when the Fed pivots to fight recession rather than inflation. There seems to be little doubt that recession is coming. The only question is how bad that recession might be - and there are plenty of reliable sources out there that suggest we can expect not just a recession but a severe recession and perhaps even a depression.
But Be Careful
After recording todays show, I was taking a deep dive into some content put out by folks like Peter Schiff. He is suggesting that we would be lucky to get off with just a recession. He is talking about a depression being a likely outcome of all the quantitative easing (money printing) and decade of nearly zero interest rates. I have to say, he makes a compelling argument! There is still plenty of room for the real estate market to decline, so while the market as it is today can see some good negotiation room for sellers, that advantage may get even more pronounced as we get further into the year.
SOURCES:
https://www.realtor.com/research/march-2023-hpsi/
——————————————————————————————————————————————————
➡️ Instagram: https://www.instagram.com/rebelbroker/
➡️ Twitter: https://twitter.com/rebelbroker
➡️ Facebook: https://www.facebook.com/whitelawre/
🏡 💵 Get Your FREE Home Value Estimate! - https://www.soldbyrobert.com/sellers-services/property-value-report
☕️ "Coffee And Real Estate" Live Events: https://www.facebook.com/whitelawre/live/
📰 Subscribe To The Monthly Newsletter: https://soldbyrobert.com/get-the-newsletter
🕵🏻♂️ Search For Homes For Sale: https://soldbyrobert.com/homes-for-sale-map-search
👓 Luxury Homes List: https://soldbyrobert.com/listing-report/Luxury-Homes/1371502
💵 Homes Priced Below Average: https://soldbyrobert.com/listing-report/Homes-Priced-Below-Average-In-Morgan-Hill-San-Martin-and-Gilroy/1281392 ——————————————————————————————————————————————————
📚 A case study in how I get better results than other real estate agents or brokerages: https://soldbyrobert.com/2020/08/breaking-every-record-for-my-clients/3444 ——————————————————————————————————————————————————
My goal is to share my insights and opinions relating to real estate so that you can make the best possible decisions in achieving your real estate dreams. If you are interested in buying, selling or investing anywhere in Silicon Valley, Morgan Hill, San Martin or Gilroy - I would love an opportunity to discuss with you what I can do to help you get the best outcome possible!
-
13:47
RealitySurvival
14 hours agoHow To Build A Camp Fire Fast!
7.39K2 -
13:24
Space Ice
18 hours agoSteven Seagal's Exit Wounds Is So Bad DMX Was Jailed Over 30 Times - Worst Movie Ever
6K15 -
1:17:22
Andy Frisella
22 hours agoDid He Just Threaten Us? - Ep 726 CTI
13.3K42 -
28:44
TudorDixon
20 hours agoThe Key to Limitless Health with Casey Means | The Tudor Dixon Podcast
22.9K15 -
1:06:35
theDaily302
22 hours agoPatriots With Grit Show-Daniel McGirr
16.4K8 -
49:31
DanielDavisDeepDive
17 hours agoBREAKING NEWS: Putin Offers Peace Proposal to Ukraine
24.6K62 -
43:56
Censored TV
13 hours agoS6E02 - BYE! BYE! ROMAN EMPIRE (FREE PART)
27.1K34 -
0:29
LimitlessAmbition
2 days ago $0.06 earnedFerruccio Lamborghini Drops Life Advice for Aspiring Entrepreneurs
15K4 -
1:54:17
Kim Iversen
15 hours agoFired from 'Rising'! Briahna Joy Gray Gives Behind-the-Scenes Revelations and Opens Up About Her Departure
65.5K202 -
2:37:09
Roseanne Barr
14 hours agoIs Trump running a clandestine military operation? | The Roseanne Barr Podcast #52
117K513