Business
Jamaica Plain Realtors Provide Their Market Outlook for 2023
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The biggest question for the real estate market across the country is how will the historic jump in interest rates affect home sales for 2023?
Several veteran local real estate agents answered that question, and provided their outlook of the JP market. Before diving into numbers, one thing remains true. “Jamaica Plain remains a desirable Boston neighborhood,” said Constance Cervone of Cervone + Deegan and Associates at Coldwell Banker. But the market is shifting due to the economic outlook, interest rates, and COVID remains an issue, said Cervone.
The big thing to look at, is indeed the effect of the interest rate. Interest rates doubled in 2022, going from the low 3% range in January for a 30-year fixed rate mortgage, and peaking in October to the low 7% range.