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As we head into March of 2023, the real estate market in New Rochelle, NY continues to be impacted by low inventory and high interest rates. This combination has resulted in a competitive market, with buyers eager to secure their dream homes while they still can. I am going to address the factors that make up this current market.
Low Supply
One of the most significant factors affecting the New Rochelle real estate market is the low supply of available homes for sale. This limited inventory is due to a variety of factors, including a lack of new construction and homeowners choosing to stay put rather than listing their homes.
While low inventory can be frustrating for buyers, it presents a prime opportunity for those looking to sell their homes. With fewer options on the market, sellers can expect to see higher demand for their homes and potentially competitive sale prices.
High Interest Rates
Another factor impacting the New Rochelle real estate market is the current high interest rates. As of March 2023, interest rates are hovering around 6.75%, up from the historically low rates seen in recent years. These higher rates can make it more challenging for buyers to afford the homes they desire, which can lead to fewer potential buyers in the market.
However, for those looking to sell their homes, higher interest rates can work to their advantage. Buyers who are motivated to purchase a home despite the higher rates may be willing to pay a premium for the right property.
How can you cash in on this rare opportunity?
As a seasoned real estate professional with Century 21 Marciano, I understand the unique challenges and opportunities of the New Rochelle real estate market. If you are considering selling your home, now may be the perfect time to list.
With low inventory and high demand, your home may be the perfect fit for many of the motivated buyers we have searching in this market. Contact me today to learn more about how I can help you get your house sold in this competitive market. Let’s work together to achieve your real estate goals in 2023!
