With spring finally here, the real estate market is picking up steam, making now a great time to revisit your real estate plans or goals.
That said, I thought I’d share what you can expect if you're thinking of buying or selling a home in 2023. I want you to be successful and confident that you're making the right move at the right time, so feel free to contact me if you have questions.
If you're looking to buy:
Good news! This spring will be a bit more manageable compared to recent years. While you may face competition for fairly-priced homes in five-star condition, you likely won't deal with the overwhelming crowds and intense bidding wars seen in 2021 and early 2022.
Don’t wait for dramatic price drops. Based on everything I've read and seen so far this spring, prices will hover close to where they are now.
Keep an eye on mortgage rates. First, you should calculate the numbers to determine what you can afford, given today's rates. Second, if rates drop (even slightly!), more buyers will enter the market, increasing your competition. That said, the sooner you can enter the market, the better.
Don’t hesitate to make an offer if you find a home you love. Homes will sell quickly, so if you find one you love, don't hesitate.
3 tips for success:
Get a jump start on the competition by starting your search now.
Get pre-approved for a mortgage so you can act quickly when you find your dream home.
Partner with an agent who knows the area inside and out and is willing to listen to your wants and needs. Don't be afraid to "shop around" until you find the right one! And if you don’t have an agent, I’d love to connect with you. Just reply to this email or give me a call — let’s find you the perfect home at the best price this spring!
If you’re looking to sell:
Now is a great time to put your home on the market — actually, the best time, with more buyers looking for properties in March, April, and May than any other time of year.
That said, it’s not enough to list at the right time. Your home needs to look its best if you want it to stand out from the competition. Unfortunately, interest rates have narrowed the field of potential buyers, making them more selective. Homes with exceptional curb appeal, fresh paint, and minimal issues will be in demand and land the highest prices.
Get help pricing your home competitively from the start. Home prices have been on a wild ride in the past few years, with prices up 8.8% year over year in December 2022, compared to an increase of 12.2% year over year one quarter earlier. While pricing can feel like a moving target, an experienced agent can help you get it right from day one.
3 tips for success:
Get started soon, making repairs or updates to increase the value of your home.
Stage your home (either traditionally or virtually) to show off its best features, helping buyers easily envision themselves in your home.
Work with a real estate agent with a solid track record of successful sales in your area. Doing so will help you get the best price for your home.
I hope this gives you a good idea of what generally to expect this spring real estate market. If you have any questions about our specific area or are ready to start your buying or selling journey, please don't hesitate to reach out.