Welcome to our series "State of the Marketplace" - February 2023, Episode 22.
In our latest episode of SOTM, "Real Estate Resilience", Dewayne Carpenter & Kirk Kessel, Team leaders at The Carpenter Kessel | Compass Homeselling Team, discuss the impact that low inventory and increasing demand have on price stability. With 50%-60% of the market seeing price reductions, it is more important than ever to price your property correctly and market it properly.
00:00 - Intro
00:11 - Current Brevard County home inventory = 2,100 properties
00:20 - We are down 10% in home inventory as compared to last month
00:30 - Last quarter we saw low inventory and low demand
00:40 - In certain sectors with high demand we are starting to see multiple home offers
00:50 - What this means is pricing is going to remain steady due to the laws of supply and demand
01:11 - Even though the demand and the sales have increased, we are still seeing pricing stable as compared to last year
01:28 - This February, pending sales were only down 7%
01:40 - In the 1st 2 months we have 150 families pending or closed in the first 2 months of the year $104M, the biggest 1st quarter we have ever had
02:01 - If you are a seller, pricing & marketing are more important than ever
02:12 - Why agents are struggling when they overprice a listing
02:27 - We are seeing 50%-60% of the market going through price reductions
02:30 - Expect more negotiation because buyers are going to be hypercritical of your property compared to the past
02:46 - We are going back to a more normal real estate market in Brevard County
03:04 - If you are buying or selling, a more data-driven approach to real estate is the key
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dewayne carpenter,kirk kessel, carpenter kessel, compass real estate, space coast realtor, brevard county realtor, waterfront realtor
