A Letter From Your Agent

As we bid farewell to 2023, I find myself reflecting on the remarkable journey we’ve shared in the world of real estate. The past year brought unforeseen challenges, with initial hopes of decreasing interest rates overshadowed by persistent inflation, leading to multiple adjustments in federal rates. Despite these economic fluctuations, our real estate landscape proved resilient.

At one point, interest rates reached an imposing 8%, a significant hurdle for buyers. However, as we connect today, there’s a glimmer of optimism—the rate has receded to 7%. This shift carries profound implications for real estate prices and inventory.

For homeowners, 2023 emerged as a fortuitous year. Real estate values rebounded by 15%–20%, surpassing the losses experienced the previous year. Real estate, remarkably, stood as one of the few investments that outpaced inflation, offering sellers a golden opportunity to build wealth for their families.

Yet, for prospective buyers, the landscape was challenging. Elevated prices, increased interest rates, and rising rents created a complex market. Low inventory, a consequence of hesitant sellers in the face of higher interest rates, persisted. Despite these hurdles, the demand for homes outstripped supply, resulting in multiple offers and homes selling above the asking price. Navigating this market required buyers to be astute and innovative, seeking better values amidst the complexities.

As I approach my 32nd year in real estate this January, the mission remains unchanged—to help our clients unlock the benefits of homeownership and foster long-term wealth creation. Real estate remains a powerful vehicle for building prosperity through appreciation, tax advantages, and mortgage paydown. In 2023, we unveiled six programs to educate and empower more individuals to partake in this wealth-building journey.

These programs cover various aspects, including first-time homeownership, simultaneous buying and selling options, insights for those moving out of state, wealth creation through real estate investment and 1031 exchanges, right-sizing for seniors, wealth transfer strategies, and enhanced returns through our concierge program. We are eager to share these initiatives with you and welcome your feedback on which ones interest you the most.

Looking ahead to 2024, I anticipate inventory will remain tight. While interest rates may gradually decrease in the second half of the year, a more substantial decline is expected in 2025. As we conclude this year, reviewing our financials and contemplating the future, the Mark Moskowitz Team is committed to being an integral part of your wealth-building journey.

As interest rates adjust in the coming years, new opportunities will arise—selling your current home, acquiring a new one for the next phase of life, and diversifying investments to meet long-term financial goals. We aim to provide you with the information you need to seize these opportunities when the time is right.

As the holiday season approaches, the Mark Moskowitz Team extends warm wishes for a joyful holiday and a prosperous new year. We express our sincere gratitude for your unwavering support, confidence, and encouragement throughout the year. Your partnership has been instrumental in our success, and we eagerly anticipate the opportunities that the future holds for us all.