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Price Adjustments and the 2023 Market

Lamacchia Realty

PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. Fewer sellers need to adjust their price because, again, it’s a seller’s market.

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Price Adjustments in this New Housing Market

Lamacchia Realty

For the past few years, with inventory at historically low levels , sellers were coming pretty close to naming their price and buyers were paying. The low rates made it possible to offer more on a home as the cost of borrowing was lower and therefore, sellers weren’t the ones competing, buyers were. The same will be true for sellers.

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2021 Massachusetts Year in Review

Lamacchia Realty

Below is a graph that illustrates home sales per year since 2005. Below is a graph that illustrates monthly home prices since 2005. Prices very clearly skyrocketed in 2021 when compared to previous years, again because demand was so high and supply was so low, sellers could almost name their price. 2021 Sales by Month.

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Price Adjustments in 2021: Tis the Season

Lamacchia Realty

Due to the lingering impact of COVID and the log jam it caused in the 2020 spring market , price adjustments were lowest in 2020 and are now even lower in 2021 with supply so tight. It comes with a negative stigma for sellers to hear that a price adjustment is recommended. How do you know your house is overpriced?

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When Will This Market Change?

Lamacchia Realty

Now all the above factors are finding a place to land, and everyone is asking: When will the market change? Sellers kept listing, albeit, at a much slower pace, and buyers were buying at the highest rate in over 15 years, absorbing inventory faster than ever. Not remotely the current set of circumstances.