Is it a buyer’s or seller’s market?
Raise your hand if you have a case of whiplash when it comes to the real estate trends in the 2023, market these days? (Me, hand raised.)
Are you trying to sift all the info and figure out what’s REALLY going on in our market? HALT! I got you covered.
A BUYER’S MARKET is when there are more homes available than buyers looking.
A SELLER’S MARKET is when there are more buyers looking than homes available.
Generally, it’s a seller’s market if inventory is adequate for 5 months (or less) of sales. If you have 5 to 7 months of inventory, you have a balanced market, and anytime you have more than 7 months worth of inventory, you’re in a buyer’s market.
So, what does that mean for our city? Call, text, or email and I’ll let you know where we’re sitting!
ARE SHORT-TERM RENTALS TOP OF MIND?
IF NOT, MAYBE THEY SHOULD BE…
With the demand higher than ever and projected to increase, 2023 might be the right time for you to try on a short-term rental. Some Tips?
- Say YES to pets: In a recent survey, VRBO saw a 40% increase in the rental site’s overall demand for pet-friendly homes.
- Make it family-friendly. I’m talking bunk beds, video gaming consoles, bikes – all the things kids love.
- Think on the longer side of short term. With more people adapting to a flexible work schedule, markets everywhere are seeing an uptick in long-term rental stays.
Check out these U.S. destinations leading the profits pack
- Maui, HI – $375 average daily rate
- Slidell, LA – $339 average daily rate
- Joshua Tree, CA – $327 average daily rate
- Kenai Peninsula, AK – $262 average daily rate
- Crystal River, FL – $221 average daily rate
- Gulfport/Biloxi, MS – $196 average daily rate
- Chattanooga, TN – $180 average daily rate
So, what does that mean for our city? Call, text, or email and I’ll let you know where we’re sitting!
For more from the Blume Group, check out our other blogs at Blog.
If you have any real estate trends in 2023 questions give us a call at contact us.
Source: AirDNA