Happy New Year! While the Alabama weather in January is following a very unpredictable trend, the real estate market is stabilizing and becoming slightly easier to foresee! Read below for the latest housing market information, mortgage trends, and the homeowner tip/trend of the month.

This month, I am featuring a new video series that has me discussing the content of the newsletter and the latest market trends! Don't miss it! Here's the link: January 2023 Newsletter by Video

If one phrase could sum up the current market vibe, it's "Buyer's Market!"

The Shelby County Market

Now that the holidays are behind us, we are seeing lots of new homes hitting the market (228 new homes for sale) in Shelby County. As the market continues to shift towards a buyer's market, homes are staying on the market longer (8% longer) and average home prices are dropping slightly (1.3%). As mortgage rates continue to drop, this trend may change as more buyers come to market and seller's gain the high ground.

The Jefferson County Market

Jefferson County is following a similar trend to Shelby County, with over 20% more homes on the market, slightly lower average home prices (2.8% decrease) and slightly higher days on market trends (1.9% longer). The average home price sits just shy of $300,000 with 2,328 active properties for sale currently.

Mortgage Rate Information

Great news! Mortgage rates continue to drop in January. The average 30 year rate is at 6.13% and the average 15 year rate is 5.17%. The downward trend sparks great news for buyers and sellers, and future projections lean towards a ballpark 5% interest rate in the first quarter of 2023. For the full article from Freddiemac, click : Freddie Mac Mortgage Report

Homeowner Tips and Trends

Feeling trendy? Check out this article on the latest home design trends dominating the market in 2023. A few mentions include the return of brighter colors, hidden pantries, larger and bolder islands, marble counters and backsplashes, and elegant finishes for master bathrooms. Click here to view the full article: 2023 Home Design Tips

There’s a New APP in Town!

I launched a new FREE app for my friends and clients! This app lets you search for homes for sale, get an estimate on the value of your current home, and track your home equity. The best news, my app won't sell your private contact data to vendors, agents, and marketers that pay to get your email and phone number from Realtor.com, Zillow, Google, etc. Browse with privacy and confidence. This is just one of many ways that I am working hard to make your home buying / selling experience the best it can be! Download it today by clicking the link here: Download Shane's Free Real Estate App.

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Are you or someone you know ready to take the next steps towards buying or selling a home? Please contact me today, it would be my pleasure to be your REALTOR.

Happy New Year!

-Shane

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