Greetings and Happy 2023!

I hope you had a wonderful Christmas and New Year's! It appeared as though we may get a bit of snow although that didn't seem to pan out. On the other hand, it certainly felt like winter, especially with the power out.

To be a bit more personal than usual, I will say that I'm very hopeful and optimistic for 2023. Last year wasn't the greatest, losing my Father in March and Mother-in-Law in October, 2 bouts of Covid, and assisting with 3 family moves. That in the wake of trying to help steer a real estate company, a local non-profit (ARC of the Piedmont), and navigate family issues through 2 years of Covid proved to be something (I honestly can't find the adjective that fits).  However, I also carry an abundance of joyful memories and for that I am eternally grateful.

We have also been living in interesting times (by some this is considered a curse) for the real estate business. Covid, RSV, the flu, inflation, talk of a recession, pipeline constraints, and interest rates have all been topics of discussion and concern. Who would have predicted when Covid first shut everything down that 2020 would end up being a great year in real estate followed by a very robust 2021 as well? 2022 began strong although limited by the persistent low inventory challenges we have faced for an extended period. However, the market did significantly slow beginning in the late summer and remained comparatively slow through the fall. Reasons for that include limited inventory, buyer fatigue, concerns of a recession, rising interest rates, and concerns about price escalation over the last few years.

So, what do I see going forward? Being an eternal optimist, I do not see the sky falling at all despite what you may read in the news. So here are my predictions for 2023 (please remember my crystal ball broke some time ago). While the market may remain a bit slow early in the year, it will pick up significantly as the year progresses. Inflation and interest rates will both come down adding to consumer confidence. Inventory in most areas, while improving, will remain low continuing the challenges for buyers and countering the pressure for home price declines. Will my prediction be accurate? Yes, no, and maybe. Every market, neighborhood, and home is different, so how the market may impact your plans or decisions needs to be analyzed individually. If you do have questions, please reach out to us. We would be delighted to help you make the best decision for your specific needs.

I hope you have a wonderful 2023 and I look forward to seeing you again soon.

Rives Bailey

Kelly Faillace, John Farmer, & Christy Fiebert