2023 Market Update with Jeff Dickey

By Brady Talbert Source: WSFA

MONTGOMERY, Ala. (WSFA) – Real estate agents in the River Region are optimistic in the first half of 2023.

“The word on the street is that this year is going to be a great year in our local real estate market,” said Jeff Dickey, president of the Montgomery Area Association of Realtors.

The realtor has been working in the local housing market for eight years now. He admitted the last half of 2022 was “dismal.”

“Due to the news of rising interest rates early last fall,” Dickey said.

He says rates in the area were around 7%. More people put a pause on purchasing a home.

Now, they sit in the low 6% range. As it becomes “selling season,” he says buyers have a little more flexibility. He advises hesitant buyers to go ahead and make a purchase.

“From what we’re hearing from mortgage lenders in the business, give it a year to 18 months, and at some point when we begin to see enough trend downward you can refinance at that time,” he said.

For anyone looking to sell, he says they need to properly prepare their home to enter the marketplace and price it competitively.

“We’re seeing a little more competition out there in the market that we’ve seen in the last couple of years,” Dickey said.

He said it is wise to invest in a knowledgeable real estate agent who can help in negotiations.

Many viable real estate agents have a social media presence or a website people can check out before deciding who to hire. Dickey also recommends talking with friends for referrals.

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