The 2023 housing market is upon us, and potential buyers and sellers alike must stay informed on the latest trends and forecasts. Currently, several speculations are flying around about the real estate trends to expect this year. But, it’s best to stick to reports and analyses given by real estate experts.
There are mixed predictions about what the real estate market will offer this year. Some experts predict that the economic downturn will affect buyers, sellers, and renters. Though the value of houses might drop, they could remain unaffordable. According to real estate experts in Vancouver, it’s said that prices will continue to decrease, and there will be an abundance of these homes for sale in Vancouver, WA.
Read on as we take a look at what experts are saying about the 2023 housing market so that you can make an informed decision when the time comes to buy or sell a house.
The Real Estate Market Trends In 2023
As home inventory began to decline in the past year, this trend is expected to continue this year. A home inventory will be in short supply in many areas. This will, in turn, stifle demand for houses. In addition to inventory shortages, affordability issues will continue to affect demand even as the prices of houses drop in some areas. However, due to the continuous rise of mortgage rates, potential home buyers might not be able to benefit from the reduced prices of houses. Take note that though the prices of houses drop, prices will not fall drastically, like in 2008.
Interestingly, some experts also predict that the prices of houses will rise in some areas and deter potential buyers from purchasing real estate properties. Also, some experts predict the abundance of homes in the real estate market this year while the demand for homes will remain strained. This means that the number of days a house will be on the market will increase, especially if mortgage rates remain high.
How Can Buyers Take Advantage Of The Real Estate Market
There are several ways that buyers can take advantage of the real estate market in the current year:
Get pre-approved for a mortgage:
Before starting to look for a home, it is a good idea to get pre-approved for a mortgage. This will give buyers an idea of how much they can afford and will make them more attractive to sellers.
Look for properties that are priced to sell
Some properties may be priced below market value due to the need for quick sales, such as foreclosures, short sales, or probate sales. Look out for these properties, inspect them appropriately, and consider investing in those properties
Be flexible and realistic
Buyers should be open to looking at different types of properties, such as fixer-uppers or properties that need work. This can be a great way to get a good deal on a property. Also, buyers should have realistic expectations about the property they want to buy, the location, and the price they can afford. This will help them not to get disappointed and make a hasty decision.
Work with a local real estate agent:
A local agent will have a good understanding of the fluctuating local market and will be able to help buyers find properties that meet their needs and budget.
How Can Sellers Take Advantage Of The Real Estate Market
Though it is difficult to predict exactly how the real estate market will be in 2023, sellers can still take advantage of the market by:
Keeping an eye on the market trends
Sellers should stay informed about the current market trends and conditions in their area to understand how to best position their property for sale. If possible, sellers should try to time the sale of their property when the market is in their favor, such as during a seller’s market.
Making necessary repairs and updates
Prior to listing the property, sellers should make any necessary repairs and updates to improve the overall condition and appeal of the property. After repairs and decluttering, stage your house so that potential buyers can check out your property.
Hiring a local real estate agent
A local real estate agent is experienced in handling real estate transactions. They’ll help you handle the negotiation, enlighten you about the current market trend, handle the paperwork, as well as help you to price your home correctly.
Overall, the housing market has been fluctuating in recent years due to the pandemic, and this is expected to continue this year. One thing to keep in mind is that if you’re looking for a new home, you might want to start your search sooner than later. Also, if you’re looking to sell your house, get the planning in progress early.