Real Estate Trends in 2023
The real estate market has changed so much over the past two years and continues to do so! I am sharing details on some of the interesting trends we are seeing for 2023. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
CLICK HERE and Carl will make your home buying/selling process less stressful.
Top 5 Paint Colors for 2023
Incorporate Color Into Your Home
Happy Spring! As we get ready for this new season, you may be thinking about making some changes to your home décor. Adding color can be a simple and impactful way to do that.
I have enclosed information on five of the newest colors forecast by paint companies to be the hottest choices in 2023. They include deep, saturated colors borrowed from nature as well as a pretty, creamy white neutral. Additionally, Pantone has chosen a bold color from the crimson red family, Viva Magenta, as their choice for 2023. While that may not be something you decide to choose for a major project, it may be fun to use splashes of this vibrant color in accent pieces.
Choosing a new color can be a bit overwhelming, so I have provided some great hacks you can use to try out different choices. It’s an inexpensive way to let you try out as many options as you like. Or if you need a referral to a great interior designer, i'm happy to help.
Don’t hesitate to call me with your questions on the current state of the real estate market! I’m honored to share more market updates and serve all of your buying and selling needs. Please feel free to reach out to me any time!
2023 is a great year to sell Real Estate. Click here to learn what to expect.
It is true that house hunting in the Spring is a pleasant experience. The weather is generally better, and properties simply look better surrounded by fresh flowers and green grass. But does that mean you should wait until Spring to start your house hunting journey? No. Far from it.
According to the National Association of Realtors, the slowest months for the real estate market are traditionally November, December, January, and February. Inventory tends to be lower, but the truth is homeowners are just as motivated to sell quickly this time of year as they are in April or May when demand and prices increase. In other words, waiting until Spring could cost you. Start your home search now.
Another reason to start your home search now is the availability of real estate professionals. Due to the seasonal nature of the real estate market, many real estate professionals, whether agents or mortgage brokers, are naturally less busy in the winter months. To you the buyer this means even top-producing agents now have the time to sit down with you to finetune your home search.
Here at Carl Johnson Real Estate, we always take the time to sit down with our buyers. We pride ourselves in the time we take to discover what our buyers truly want and need. We take the time to discuss quality of life and lifestyle, and this is in the forefront of our minds when we team up with you to find a match. We are quality of life and lifestyle matchmakers.
At Carl Johnson Real Estate our direct and intentional approach is customized to each buyer client. CLICK HERE or call us today—919-880-0904—to learn more about how we help get you to where you want and need to be in any market and at any time of year.
On February 09, 2023, the News & Observer reported that according to a new study by online lending marketplace LendingTree, single women in North Carolina own about 389,716 homes, while single men own about 283,139 homes. Put another way, single women own nearly 14% of the 2.8 million owner-occupied homes in the state, while single men own just over 10%.
That gender gap is a nationwide trend. Single women own a larger percentage of homes in 48 of 50 states. North Dakota and South Dakota are the only states where single men own a higher share of homes than single women.
Contributing to this trend are single mothers. “About 80% of single parents in the U.S. are single mothers,” said Jay Nelson, communications director for the Raleigh Regional Association of Realtors (RARR).
Whether you’re a single mom or a single dad, we are here for you at Carl Johnson Real Estate. Call us TODAY at 919-880-0904 to learn more about how we can help get you to where you want and need to be and about our direct and intentional approach that is customized to each buyer client.
Ready to move? CLICK HERE to see our resource on 10 Moving Tips to help you have your best move yet!
local market update - january 2023
Per the January report from Triangle MLS:
Across the entire Triangle region, the median sales price went from $370,575 to $385,000, which is a nearly 4% increase compared to January of last year. New listings were down, though, by less than 1%. Also decreased was the number of closed sales, which were 1,964.
In Chatham County, year-to-date, there was a 10.7% increase in new listings, while the number of closed sales decreased by 22.7%. The median sales prices also dropped, by 5.1%. The average sales price increased to $643,629.
In Durham County, closed sales have decreased 28.8% year to date. The average sales price increased by 1.1% to $411,715, while the median sales price showed no change at all. New listings decreased to 321 or 9.6%. The inventory of homes for sale went up by nearly 44% to 477 homes.
The number of listings in Orange County has decreased by 44.7%, from 132 new listings year-to-date last year to 73 new listings this year. There was a year-to-date 43.3% decrease in closed sales. The median sales price, however, increased by 5.9%, from $392,900 to $416,175.
The number of listings in Person County decreased by 3.2%. There was 21.4% decrease also in closed sales. But the median sales price increased by 40.6% to $246,740. The inventory of homes for sale went up by nearly 104% to 49 homes.
In Wake County, the median sales price increased by 6.2% to $426,000. But there was a decrease of 1.6% in the number of new listings year-to-date compared to last year and a nearly 30% drop of closed sales.
Buying a new home or selling yours? Have you heard of the word "radon" thrown around but have no idea what it is? CLICK HERE and check out our resource on the Dangers of Radon and learn what it is and how it affects you as a buyer or seller of a home!
The January 2023 Institute for Luxury Home Marketing monthly trend report is out now! CLICK HERE to download the full report. We are happy to share this information to you from our resources! The following is per the Institute for Luxury Home Marketing January 2023 Market Report:
A Year in Review - 2022
The best way to describe 2022 might be that it started with a ‘boom’ and ended with a ‘fizzle’ – certainly this is an apt description when looking at the declining sales each month over the last year. At the start of 2022, new inventory, especially for property types in high demand, flew off the shelf, but by the end of 2022, sales had all but stalled in comparison.
Predictions versus Reality
2022 had been predicted to be a calmer year, with trusted trends, such as the spring real estate market returning with increased inventory levels, that would help plateau price increases. Demand was still predicted to be strong for luxury properties, but with the frenzy of 2021 replaced with a more discerning consideration of the property’s value.
What had not been predicted was the influence of variables such as Ukraine, inflation, interest rates, and speculation about recession, which created a year of contradictions, uncertainty, and unexpected consequences.
However, despite all these mitigating factors, the overall luxury real estate market remained resistant to any dramatic or negative change and still retains its safe investment appeal to the affluent. Even though there has been a continued slowdown in sales activity in the last quarter, prices have not only remained stable in most luxury markets but at near-record levels.
Sales activity and price growth at the rate seen from March 2020 to March 2022 could not continue indefinitely, and although the slowdown may have felt dramatic compared to these last two years, the reality is that the market has returned to the more normalized pace of pre-pandemic days rather than there being a significant correction.
Inventory A Major Player in 2022
Inventory levels certainly controlled much of the buying narrative during 2022. The number of sales in the first quarter of 2022 was only limited by the lack of new inventory entering the market, as the number of homes for sale hit a 20-year low.
While there was a significant increase in the listing of properties in the market in the second quarter of 2022, this only served to bring the level back up to the point that gave buyers a little respite–the result of which was an increase in the number of sales.
By the third quarter, interest rate hikes saw luxury sellers hesitate to put their homes on the market as they were unwilling to give up their low interest rates. According to Jim Egan, Morgan Stanley’s U.S. housing strategist, “Over 90% of the market is fixed rate, for one. Most people have locked in their affordability.”
Inventory, especially new inventory, is critical in the luxury real estate market. The lack of it helped stabilize the price and saw many markets remain more favorable to sellers. Consequently, by the end of 2022, the market had all stalled. Luxury sellers chose not to enter the market because they saw that rising inflation and interest rates were causing hesitation in buyers, and they feared they would not get the same price their neighbors had received the previous year.
Outside Influences Impact on the Luxury Market
Three key influences played a significant role in the slowdown of sales.
Getting ready to move? CLICK HERE to see our resource on 10 Moving Tips to help you have your best move yet!
Cast Your Vote For Carl
Durham Magazine is hosting its annual the Best of Durham poll, and we would be honored if you voted Carl Johnson for Best Real Estate Agent.
See below on how to vote for Carl, then vote for all your other Durham favorites from food to vets as well! Deadline to VOTE is Feb 22th. CLICK HERE to VOTE for Carl in the 2023 Best of Durham poll - detailed instructions below!
Here is how to cast your vote!
Go to... Vote for Your Favorites in Best of Durham 2023 (durhammag.com)
Diaper Bank of North Carolina
In December, Carl Johnson Real Estate co-hosted a Mix, Mingle And Be Merry event. We offered our guests that chance to participate in a raffle to raise money for the Diaper Bank of North Carolina. The Diaper Bank of North Carolina is a local nonprofit organization with a mission to ensure that families with babies and children living with poverty have an adequate supply of diapers.
Thank you so much to all our guests who came out to mix and mingle. You know who you are! A heartfelt and humble Thank You for your generosity that allowed us to raise $659.
If you, too, would like to support the efforts of the Diaper Bank of North Carolina to distribute dignity across North Carolina, please visit their website at https://ncdiaperbank.org
Want to learn more about Carl Johnson Real Estate and how we can help you reach your real estate goals? CLICK HERE to read about our Founder, Carl Johnson, and how his experience and unique skills make him the best in the business!
Most likely you have heard the terms “granny flat” and “in-law apartment”. These are examples of Accessory Dwelling Units (ADUs). These small units, either attached to your home or as a freestanding unit on your property, are great options for families who wish to have a member, such as an elderly parent, live close by. ADUs are also more affordable options for family members who are not yet in the position to own their own home. This type of structure is very popular in Durham while this great city continues to grow and increase population density.
ADUs have a kitchen, bedroom, bathroom and living area which makes them ideal as rentals. However, because they share utilities with the main home some simply use them as office space, a personal gym or a guest house. Although the cost of an ADU can range anywhere from a few thousand dollars to much more, they can add to your home’s overall value, sometimes as much as 35%.
Different municipalities have their own specific regulations regarding ADUs. If you are interested in learning more, please let me know and I will help you get started in that process. I am here to answer any other questions you may have about real estate and help you through every step of your transactions. Please feel free to reach out to me any time!
Did you know we offer sales and marketing for Builders? CLICK HERE to see what we offer for Builders who are looking to have the busy real estate sales & marketing burden taken off their hands so they may focus on doing more of what they love....build & design.
This month, I am sharing some helpful tips to keep in mind if you are planning on simultaneously buying a home while selling your current home. Working with a trusted, experienced agent like me is key. I will help guide you along the way and ensure both transactions go smoothly so you are less likely to end up with double mortgage payments and/or no place to live while you wait for your new house to close.
Remember, I am always here to answer any other questions you may have about real estate, such as the current state of the market and current mortgage trends. Please feel free to reach out to me any time!
CLICK HERE and let Carl make your home buying/selling process less stressful.