So much has changed over the past 2 years and even the last couple weeks. It is reasonable to be skeptical of the housing market with all the buzz recently about interest rates and banks. You may be curious what experts are predicting for the coming months in real estate, especially if you plan to sell your home this spring. Here’s what you should keep in mind.
1. Homes and Properties That Are Priced Correctly Are Still In High Demand
Houses that are updated, well maintained and priced at the current market value are still selling(quickly). Jeff Tucker, Senior Economist at Zillow, says:
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
With all the changes in the last year, it is imperative to price your home correctly when initially listing. This can help you save precious time and money when it comes to negotiating a contract. Danielle Hale, Chief Economist at realtor.com, explains:
“With a smaller pool of buyers today and more competition from other homes on the market, home sellers will likely need to adjust their price expectations in the market this spring.”
Again, the market this spring is vastly different from last year, but that doesn’t mean that there aren’t buyers ready to take the leap into homeownership. Buyers have changed their behavior over the last year but there are still plenty looking for the perfect home.
2. Buyers Are Still Ready To Purchase
With the recent changes in mortgage rates and coming uncertainty, some buyers have chosen to wait for more clarity in the market. However, there are still plenty of buyers who are ready to
jump on the perfect home when it comes along. Lisa Sturtevant, Chief Economist at Bright MLS, gives us a peek into the mind of a buyer today:
“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”
That’s why, if you’re selling your house this spring, it is important to get with a trusted real estate agent who can help connect you with those buyers who are ready to purchase a home.
3. Inventory is Still Very Low
While the number of homes for sale is increasing, it has still not yet reached pre-pandemic levels. As a seller, this can mean less competition when it comes to attracting buyers.
According to the latest Monthly Housing Market Trends Report from realtor.com:
“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to
2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”
Bottom Line
If you are ready to sell your home this spring, there are still buyers ready to make a move and with less competition this may be the perfect time to make a change. Give us a call today to chat more about your options in 2023.