As we look ahead to the 2023 housing market, it’s becoming clear we’ve shifted away from the unprecedented activity that has become synonymous with the pandemic, but many are left wondering if moving this year makes financial sense. We are certainly working through some turbulence in the housing market, although the fundamentals remain strong. In contrast to the crash in 2008 caused by both inflation and loosely regulated lending practices, demand from qualified buyers still outweighs supply. We’re trending down from the 7% interest rate peak on a 30-year conventional mortgage, now back down to about 6%. Many buyers are choosing to wait it out, so if you’ve been considering a purchase, there is a window right now with less competition and greater buying opportunities. In general, we remain cautiously optimistic that the housing market will warm up again, as it does each spring. Any further reduction in rates will certainly turn up the heat. No matter what market we find ourselves in, we’re here to navigate the landscape and guide you toward your goals! Feel free to reach out anytime, we’re here to help!
What You Need to Know About Buying and Selling Real Estate This Time of Year
This time of year, and especially in this market, we often get asked if it’s a good time to buy or sell a home. There are certainly potential benefits and risks that come with engaging with the real estate market during the Fall, and the most important thing you can do is keep yourself informed. Consider the pros and cons below:
Buying a home this fall will give you a slight reduction in prices and less competition. This gives you more time to shop around and consider your options. Some of the downsides for the current 2022 market are that we’re seeing increased interest rates and some uncertainty with future market conditions
Selling Real Estate in Autumn
Thinking of Selling? With the cool down in the market, some sellers are deciding to wait it out, although it’s not all bad. Listing this fall would offer less competition with other listings. We’re also seeing historically high prices and, although we’re not at the value peak, we’re close to it. A reason you might want to wait to sell would be waiting to see if the interest rates come down, thus creating stronger buyer demand. It also might be worth waiting for the traditional Spring buyer rush. This can create more interest around your home, and thus, potentially higher asking prices.
Overall, we encourage our clients to make a move when the time is right for them. Timing the market is difficult, but you can make an informed decision with a knowledgeable Broker or REALTOR®.
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