Key Takeaways:

• Renting doesn’t help build a future
• Homeownership can be accessible
• Contact your trusted local agents for more on being a first-time homebuyer

Many renters discover a universal truth—renting can often feel like it lacks long-term benefits. However, each monthly rent payment potentially reduces a landlord’s mortgage while increasing their home equity. This revelation may inspire some to transition from renters to first-time homebuyers. If you’re contemplating this life-changing decision, now is an opportune time to consider buying a home.

Home purchase rates are currently favorable, and the appeal of escaping ever-increasing rental rates motivates many first-time buyers. Ready to join this progressive march towards homeownership? We are here to guide you through each step of the process. Here’s a simple guide to get you started on your homeownership journey.

Identify Your Ideal Location

Do you enjoy your current neighborhood? If you do, don’t assume that you can’t afford to buy in the same area simply because rental rates may be rising. In many cases, owning a home can be more affordable than renting, potentially allowing you to consider areas previously thought to be beyond your reach.

Once you’ve identified your preferred locales, let us know your chosen zip codes and specific preferences. We’ll compile a list of suitable properties for your personal viewing.

Examine Your Finances

Before embarking on your homeownership journey, take a comprehensive look at your financial situation. Here are some key steps:

• Review your credit report and report any inaccuracies
• Calculate your debts
• Evaluate your savings and future saving capacity

Lenders consider your financial health when deciding on mortgage approval. Can you afford the mortgage payment and additional costs comfortably? Keeping a debt-to-income ratio of less than 40% is generally advisable, as it widens your opportunities.

Assemble Necessary Documents

While reviewing your finances, gather these important documents for potential lenders:

• W-2 and 1099 forms
• Monthly bank statements
• Asset statements
• 401(k), 403(b), mutual funds, stocks, bonds, and IRAs
• Last two tax returns
• Landlord reference

Choose the Right Lender

Securing a lender is a crucial step that should be undertaken early in the process. A lender can accurately determine what you can afford and offer valuable advice on improving your financial profile and selecting the best mortgage plan. Some lenders also offer specific incentives for first-time homebuyers.

If you need recommendations for lenders, we can provide you with a list. Give us a call, and we’ll provide you with a list of lenders that may suit your needs.

Time Your Purchase Perfectly

Even when transitioning to homeownership, remember to fulfill the terms of your current lease. If it requires a 30-day notice of non-renewal, try to time your purchase so that your lease ends around the time you close on your new home. If the timing doesn’t align, consider discussing a month-to-month rental option with your landlord.

Embrace the Excitement of Homeownership

Stepping into the role of a first-time homebuyer is a thrilling milestone, and we’re delighted to be part of your journey. If you’ve considered buying a home, now is the time to act. Follow this guide and reach out to us for expert assistance in navigating the rewarding adventure of homeownership.

Key Takeaways:

• Market conditions favoring sellers
• Adjusting to changes in space needs
• Aligning with your evolving lifestyle
• Emotionally ready and motivated for a fresh start

As a Realtor, I understand how the idea of selling your home can be both exciting and daunting. With the market constantly changing, it’s important to know when the time is right to make a move. If you’ve been considering selling, I’m here to guide you through the process and ensure you make the best decision for your situation. Let’s take a look at some reasons why now might be the perfect time to sell your house.

Why Now May Be the Time to Sell Your Home

The Market is Favoring Sellers

Homeowners always hope to get the best possible price for their homes. Watching market trends can help you determine when it’s the right time to sell. If you’re unsure, don’t hesitate to ask us, your local real estate experts! We’ll help you find the ideal time and price to list your property.

You Need More or Less Space

Whether your family is expanding or you’re looking to downsize, finding the right size home is essential. Surprising shifts in the modern workforce are adding in new factors like telecommuting and hybrid workspaces. Where you once worked from an office, you may now be stepping out of bed and taking calls in your robe. We can help you find a home that fits your needs perfectly, from a larger house to a cozy condo or even a place with a dedicated office space.

Your Lifestyle is Changing

As your interests evolve, you may want to explore different communities and amenities. Are you starting to appreciate golf? Maybe you enjoy a more active lifestyle now? Whatever changes you may undergo throughout your life can dictate the community you fit best in. If you’re craving a new environment, it may be time to sell and find a lifestyle community that better suits your current desires.

You’re Emotionally Ready and Motivated to Sell

Have you ever looked around and felt you needed a change? Or maybe life throws something new and unique at you that you don’t want to pass up, and it means leaving your current home. Sometimes, life presents opportunities that are too good to pass up. If you’re feeling motivated to make a change and start a new chapter, now might be the time to sell your home.

Get the Definitive Answer

Still unsure if selling your home is the right move? A neighborhood sold report can provide valuable insights into the current market and help you make an informed decision. Simply contact us today with some information about your home, and we’ll be in touch with your personalized neighborhood report.

Together, we’ll analyze prior sales of similar properties and current listings in your neighborhood to determine a fair listing price that maximizes your return and promotes a quick sale.

Ready to start your new and exciting real estate journey? Give us a call, and let’s explore your options for selling your home. With our friendly, approachable style, we’re committed to making the process as smooth and stress-free as possible.

Key Takeaway:

• Closing costs are a part of every real estate sale
• There are many variables that determine the price of closing costs
• Ask your local real estate expert for specifics about closing costs

When you’re buying or selling a home, it’s important to understand what closing costs entail. Closing costs are expenses and fees that need to be reconciled before the sale can be finalized. These costs typically include appraisal fees, survey fees, title costs, credit report fees, loan origination fees, underwriting costs, recording fees, and taxes. However, the specific costs may vary depending on your region and the terms of your contract. As your real estate professionals, we can provide you with a detailed breakdown of what will be included in your closing costs based on your specific situation.

How Much Are Closing Costs?

The amount you’ll pay in closing costs can vary depending on factors such as the price of the home and the type of loan you’re using. On average, you can expect to pay around 2% to 5% of the purchase price of your new home. However, it’s important to note that there are options for assistance. You may be eligible for homebuyer assistance programs or closing costs and down payment assistance from the U.S. Department of Housing and Urban Development (HUD). These programs can provide grants that do not need to be repaid or loans with manageable repayment plans. We can provide you with information about these programs and help you explore your options.

Who Pays Closing Costs?

It’s important to note that closing costs are not solely the responsibility of buyers. Sellers may also have their own costs to cover, such as broker’s commissions, outstanding HOA fees, and property taxes. However, these costs can be negotiated, and we can guide you through the process of determining who pays what in the final contract.

Learn More About Closing Costs

As your real estate professionals, we’re here to make the home buying or selling process as smooth as possible. We’re available to answer your questions, provide expert guidance, and ensure that you understand all aspects of the closing costs. If you’re ready to buy or sell a home, or if you have any questions about closing costs, please don’t hesitate to reach out to us. We’re here to help you achieve your real estate goals!

Key Takeaways:

• There’s no wrong answer when it comes to the order of buying and selling
• Keep in mind the pros and cons of each option before making a decision
• Contact us when you know how you’re handling the purchase or sale of your home

Whether you buy your new home before selling your old is the real estate industry’s equivalent of “Which came first, the chicken or the egg?” At first thought, you believe there’s an obvious answer. And then you start to really break things down. Thankfully, we don’t have to deal with any science, and a good list of pros and cons can guide you to the answer that fits your scenario.

What you’ll find is that it may come down to personal preference, but there are a few things you should take into consideration. If you’re in the market for a new home and need to list your current one, here are some pros and cons of both buying first, then selling and selling first, then buying.

Pros of Selling Before Buying Your Home

This may seem like the most logical option. You don’t have to carry two mortgages or pay utilities on two homes, and you can access the equity of your old home for the downpayment on the new one. But there are more benefits to selling your home first, in case neither of those perks apply. 

You Can Better Stage Your Home

If you’re still living in the home you’re listing, you can use your furniture and some of your decor for staging. If you’ve ever walked into an empty home, it can feel cold and uninviting. But don’t crowd the space with furniture, and leave only minimal decor behind to make the space homey and warm.

Increase Your Purchase Offer

The word “contingent” isn’t a wonderful one in the real estate industry. If you’re trying to sell your home and the purchase of your new space is contingent on the property being sold, your offer may be less appealing. When you sell first, you have the money in hand and nothing holding up the deal.

Take Your Time

When you sell first, you can take your time. There’s no other home waiting for you and no contingencies on the sale. Being able to take it slow means you can be a little pickier with your offers.

No Question of Final Profit

When you sell and buy at the same time, there’s always a concern that you won’t walk away with what you expect from the sale. What if there’s a last-minute repair? What if you just don’t get what you were looking for? These things can really hinder your purchase, so it’s a perk to not have to think about it.

Cons of Selling Before Buying Your Home

Alternatively, selling before buying has some disadvantages. Chief among them are these three issues that can complicate matters a little.

You Will Need Temporary Housing…

When you sell your home, where will you live? With no new home to move into, you need to secure temporary lodging. Do you need a short-term rental or will you move in with a family member? Neither is ideal for any decent amount of time.

…But How Temporary Will It Be?

What if the purchase of your new home takes longer than expected? You can burn through some of your profits or strain relationships if things don’t go as planned. Month-to-month rentals aren’t secure as you can be asked to leave at any time and they are costly, so you have to time everything just right and hope it goes smoothly.

You’ll Be Adding an Additional Move

No matter how you organize things, you’re going to be moving twice. Even if most of your belongings go into storage and you keep only the necessities, you’re still unpacking and repacking your everyday items and transporting your stored effects to your new home. Moving can be a costly and tiresome endeavor, especially if you have to do it twice.

Pros of Buying Before Selling

If you have the option to purchase your new home before selling your old one, it may seem like the route to go. There are a few reasons why this is an ideal scenario, such as the following pros.

More Time to Find Your Dream Home

With a secure space to call home, you have more time to locate your new dream home. There’s no one pressuring you or chipping away at your bank account, and you don’t have to completely rearrange your schedule to make showings work.

You’re In Complete Control

As previously mentioned, you have nothing pushing you out of your home. This gives you complete control over your moving timeline. You can take your time to ensure everything is properly organized and safely packed.

Selling an Occupied Home Can Be a Hassle 

When you’re trying to live in your home, it can be a nuisance to have to schedule showings and stage it properly. Larger families may find staging to be the biggest obstacle, especially if things have accumulated over the years. Some showings can also be scheduled last minute, meaning you’re having to rush out of the house. If you buy first, you’re already out of the house.

Only One Move

Since you won’t need temporary housing, your first and only move from the house you’re putting up for sale is to the house you purchased. 

Cons of Buying Before Selling

Should you jump into buying your new home before you even list your current abode? We’ve covered the pros, but don’t forget to consider some of these reasons why you should maybe hold off.

It’s an Added Financial Strain

When you own two homes, chances are you have two mortgages. You’ll also need to keep utilities running in the home you’re selling. Then there are taxes, insurance, and any upkeep you may have to do while you still own the house you’re leaving.

You Have to Watch Over Two Homes 

You don’t want to leave the home you’re selling unoccupied for long. It should be kept clean so prospective buyers are seeing a comfortable space and not something that’s been sitting for some time. The added work of performing upkeep and watching over two homes can take some time out of your week.

No Matter the Order, Call Us Today

It doesn’t matter to us whether you buy or sell first, so long as you end up with the resolution you were seeking. Give us a call today so we can help you decide which best suits your situation and needs. Once we know what’s best for you, we’ll either find your new home or set a valuation for the home you’re selling. 

How recent financial events could lead to significant savings on your dream home

In the ever-changing world of finance and real estate, sometimes the unexpected can lead to new opportunities. The recent collapse of Silicon Valley Bank and a few other regional banks might seem like bad news, but it could actually present a golden opportunity for potential homebuyers. Let’s delve into the backstory and explore how these events can benefit you.

A Brief Backstory

A few years ago, in 2020 and 2021, banks saw a flood of new deposits as a result of stimulus money and increased savings during the pandemic. To make the most of this influx, banks invested in low-interest treasury bonds and mortgage-backed securities, locking in 1-2% returns for years. Fast forward to today, and the Federal Reserve has significantly raised interest rates, making those previous investments far less attractive. This series of events has contributed to the banks’ downfall.

The Silver Lining for Homebuyers

The collapse of these banks and the subsequent rapid drop in interest rates have led to a decrease in mortgage rates, as they typically align with the 10-year treasury.

Seizing the Opportunity

If you or someone you know has been considering purchasing a home, this recent turn of events could be a once-in-a-lifetime opportunity to save big. Here are a few steps you can take to make the most of these favorable financial conditions:

1. Get pre-approved for a mortgage: With lower interest rates available, now is the time to secure your mortgage pre-approval to lock in these favorable rates.
2. Start your home search: Begin exploring potential homes and neighborhoods that fit your criteria. Consider working with a knowledgeable real estate agent who can guide you through the process and help you make the most of this opportunity.

Navigating the Current Market

The recent collapse of banks might seem like a cause for concern, but it has opened up a window of opportunity for homebuyers to secure their dream home at a potentially lower cost. By acting quickly and working with knowledgeable professionals, you can take advantage of this rare chance to save on your mortgage and make your dream of homeownership a reality.

If you have any questions or need assistance navigating these unique market conditions, don’t hesitate to reach out to our team. We’re here to help you every step of the way.

Key Takeaways:

• Curb appeal is an important part of selling your home
• You can improve your home’s curb appeal without a professional
• Contact us to see how improving your home’s curb appeal can help it sell

Despite what the phrase suggests, you don’t actually need to have a curb to improve your home’s “curb appeal.” Curb appeal is the overall exterior allure of your home, and has nothing to do with the concrete edge it’s named after. So, if you’re looking to sell your home in 2023–whether it’s a townhome, condo, or single-family residence–you should be evaluating your home’s curb appeal since it’s the first thing prospective buyers see. If you follow these simple tips and apply them appropriately to your property, you can make a good first impression on local homebuyers before anyone even steps through the front door.

If You Have a Lawn, Manicure It

Manicure may sound like a silly word to use in this instance, but it’s accurate as you’re ultimately tending to your lawn’s cosmetics. Spruce up your lawn before showings by cutting overgrown grass and shrubbery to uniform heights and removing all weeds.. 

Of course, manicuring also includes getting rid of those patches of dried, brown, dead grass. Reseeding for new growth is optimal, but you can use lawn-safe paint to cover brown spots in a pinch if there’s no time to grow new grass. A real, natural look should be your goal as a clean lawn gives the entire property a more elegant appearance.

Tend to Your Garden Beds

Even if you don’t have a lawn and grass to worry about, you may have garden beds that need tending. Mulch fades and decorative rocks can get lost over time. Fill in any bare spots; replace your current mulch with a fresh, brightly colored option; and remove dead plants as needed. 

Even if it’s just a windowsill flowerbed, the extra care and attention can go a long way to sprucing up your home’s curb appeal.

Give Your Door a Pop of Color

The front door is a surprising focal point of your home and can be one of the first things buyers notice. Unless there’s heavy damage to the door, you don’t need to replace it. Simply add a coat or two of paint, using a color that accentuates the scheme of your home. Be mindful of any HOA regulations regarding exterior paint colors as you may have to choose from a specific set of shades.

While you’re painting the door, replace the hardware to match the new color. If your old hardware does match and can be cleaned to look brand new, certainly use it. While you’re replacing the hardware, you might as well swap out any street numbers if you can find a good match.

Upgrade Your Lighting Fixtures

Light fixtures can be a pretty big part of your home’s curb appeal. No matter how many you have, these fixtures should look updated and new. In many cases, you can clean up the ones already installed and maybe even hit them with a can of spray paint. However, it can be necessary to replace them entirely if they’re damaged or beyond repair. 

If you aren’t sure if fixtures need to be repaired, don’t tackle the project alone. We can recommend local experts who can tackle any needed updates.

Install Outdoor Path Lighting

Townhomes, condos, or single-family homes typically come with a walkway leading up to your front door. Even if you have a motion sensor flood light, path lighting can really enhance your space, give it a luxurious look, and even improve safety. Path lighting comes in all shapes and sizes, and, for the most part, is solar-powered. 

Additional to path lighting, you may consider adding uplighting to illuminate a lone tree, a planter you’re quite proud of, or to showcase the exterior facade of your home. Uplighting really adds a touch of class to any exterior, leaning even further into the lavished home look with minimal effort needed.

Add Simple Accents

A home without anything out front to fill the empty space can seem vacant, cold, and dull. Even if you just add potted plants, a welcome mat, or a seasonal wreath, it can go a long way to give a welcoming look and feel. One thing to consider is symmetry. Potted plants look so much better in pairs when they’re symmetrical. 

Try not to crowd your porch or any other area you’re filling in. Just add enough to boost your home’s curb appeal.

Clean It All Up

Everything that can be seen from the road should be scrubbed, swept, wiped down, and cleared out. Gutters, stairs, windows, driveways, porches—try to make things as spotless as possible. A clean-looking home is going to be more attractive to buyers because they’ll know it’s been in good hands all these years. A high level of cleanliness shows you really cared about the space, and will certainly get buyers excited to see the rest of your home.

Put Your New Curb Appeal to Use

If you’re putting in all this work to improve your home’s curb appeal, then it must mean you’re getting ready to sell your home in 2023. Reach out to our team today to start discussing how we can leverage your new curb appeal to build a sales strategy that will attract new homebuyers. Our local sales experts use the latest market data for your neighborhood to ensure you’re getting the best return on your home.

Key Takeaways:

• Get your best mortgage rate with a better credit score
• When you find a property you love, make an offer
• Don’t wait—contact us and start planning your move today!

The spring real estate market looks different for homebuyers in 2023 than in previous years. With recent changes to interest rates, available inventory, home prices, and a lot more, it’s essential to work with your trusted local real estate team to get prepared! The spring real estate market is full of opportunity and potential, making it the ideal time to purchase a home. If you’re looking to buy a home this season, here are some tips on what steps to take during the spring real estate market.

Improve your credit score for a better mortgage rate

The first step in buying a home is getting pre-approved for a mortgage loan. This involves submitting information like credit score and payment history to potential lenders so they can determine whether or not you’re eligible for a loan. In order to get the best mortgage rate possible, it’s important that your credit scores are up-to-date. Improving your credit scores may involve paying off any existing debts or disputing any errors that may be present on your credit report. It may also help to keep your debt-to-income ratio low by avoiding taking on new debts while trying to get pre-approved.

Utilize our online tools to find the right home for you

Technology has made it easier for potential buyers to find their new dream homes without stepping outside their current homes! Our free and easy-to-use tools (such as our advanced property search, instant listing alerts, virtual tours, and mortgage calculators) allow you to view properties from all angles and calculate estimated monthly payments to plan before making an offer. Our tools save you time by giving you an idea of what to expect when viewing a property in person or speaking with lenders about loan options.

Work with the right agent—starting today! 

Finding the right professional help is key when it comes to navigating through the homebuying process. Work with our knowledgeable team because we know both the local market and the national trends. We’re here to help make finding your dream home much easier, as well as helping you avoid common pitfalls associated with purchasing property. Finding a reliable lender offering competitive rates will ensure you get the best deal possible on your mortgage loan, so make sure to speak with our team as you start the pre-approval process to get our insights into the best lenders for your goals. Start searching homes for sale now, so you have plenty of time before closing day rolls around!

Pounce on desired properties immediately

Once you find your dream home, don’t hesitate—act quickly! Finding the exact home you’re looking for doesn’t happen every day, so make sure that you take advantage of this opportunity by putting in an offer as soon as possible after viewing it in person or online via virtual tours. Before you contact the home seller, contact our team first! We’ll get you access to the latest neighborhood sold reports and other market data to help you determine the best offer for that dream property. And, our team brings expert negotiation tactics to the table, plus smart advice to avoid common pitfalls like overbidding or offering too little money initially.

Don’t Wait Until Summer—Start Buying Now!

Ready to buy your next home during the spring real estate season? Start by improving your credit score, using our online tools and market data, and building a strategy we can execute quickly when the right home comes up for sale. With these tips, you can maximize your chances of success during this season’s real estate market. So if you’re ready to start looking for your dream home, contact us today to get started!

Key Takeaways:

• The spring real estate market is going to be busy
• Lower mortgage rates mean increased competition
• Get ready to succeed this spring—contact us today!

The spring real estate market starts to shake things up after the quieter winter season, and this year is no exception. With mortgage rates cooling off from last year’s highs, the spring 2023 real estate market indicates that there will be plenty of homebuying and selling activity—and it’s starting early. So let’s take a look at what you can expect and how you can work with our team to help you find success and get into your next home. 

Mortgage rates are trending lower

The good news for homeowners and potential homebuyers is that mortgage rates have reached their highest point and are now heading south toward a more comfortable rate. According to Forbes, the Mortgage Bankers Association (MBA) anticipates that the 30-year mortgage rate will be near 5.2% by the end of 2023, over one percentage point lower than their current level. 

The decrease in rates comes as NAR’s Senior Economist Nadia Evangelou indicates that inflation should continue to subside, which would result in mortgage rates dropping even further. An expected reduction of this magnitude could save those with mortgages or looking to buy considerable amounts of money over time, making it an exciting opportunity for those in the market for new housing.

Expect an increase in homebuying activity

With mortgage rates decreasing, the National Association of Home Builders expects increased demand and more buyers returning to the market. Plus, more inventory on the market could further encourage potential buyers. Open houses are seeing more interest, with multiple bids surfacing after a prolonged lull. These are encouraging signs, indicating that an influx of new properties on the market could spark increased enthusiasm among eager homebuyers who’ve been waiting on the sidelines for some time now. 

Once those buyers enter the market, they will attract new sellers and fill out the housing inventory available on the market. (Tight inventory was one of the defining issues of last year’s housing market, but there will be more to choose from this year during a busy spring season.) And, once those sellers turn around and buy, you’ll see the fast-paced, exciting spring real estate market we all know and love is in full bloom. 

Look for deals on new construction homes

America’s homebuilders are showing positive signs of growth as the demand for new houses rises alongside dropping mortgage rates. According to the National Association of Home Builders, sentiment among builders has increased for the first time in a year, with reports of increases in sales, traffic, and expectations for sales over the next six months. This surge in confidence and activity is influenced mainly by low interest rates, which is driving more homebuyers into the market.

According to Zillow, the number of new homes currently under construction has risen 50% since February 2020. And newly complete homes are showing up on the market quickly, meaning there’s plenty for homebuyers to choose from. Our team will help you expertly work with builders to find special offers and incentives to get you into one of those gorgeous new homes!

Hop Into the Spring Market With Us

Are you ready for the 2023 spring real estate market? We are! There’s so much to consider, from mortgage rates to inventory and new construction homes. Buyers and sellers alike are eager to get things in full swing, so contact our team now so we can start building your ideal real estate strategy and take action. Spring is just around the corner—reach out today!

Key Takeaways:

• Sell your home faster with these easy repair and design tips
• Minor improvements can make a big difference
• Contact us to sell your home for top dollar in 2023

Thinking about selling your home in 2023? Your property’s interior and exterior look and feel have a direct impact on the final sale price of your home. Investing in minor improvements such as paint, flooring, or furniture creates an inviting atmosphere and draws potential buyers. Before you list your home, try these proven tips to help get you every penny your home is worth!

Remove extra clutter in your home

A home free of clutter can help potential buyers see the true beauty in your space. Not only does removing the clutter make viewing easier, but a clean room shows that you take care of your home. Removing items blocking walkways or other essential areas allows buyers to better imagine their furniture and possessions in each room. Decluttering also helps you keep organized as you move out, simplifying the packing process. Don’t let unnecessary objects get in the way of potential buyers seeing how great your space is!

A fresh coat of paint goes a long way 

Neutral colors make a home appear clean, open, and inviting, so painting the walls in a neutral shade is a must for anyone getting ready to sell their property. Neutral colors help buyers envision the space as their own – allowing them to mentally plan how they’ll use the rooms in their new home. Plain colors can also make furniture and other decorations stand out, so they don’t have to worry about adjusting pieces to match what was already on the walls. Utilizing neutral colors will give potential buyers an idea of how a room would look if decorated with their own style and personality.

Entice homebuyers as soon as they arrive

Increasing your home’s curb appeal is an easy and satisfying way to give your living space a fresh look. By tidying up the yard and enhancing the house’s exterior, you can create an inviting atmosphere that potential buyers will love coming home to. Taking care of the lawn can be as simple as mowing regularly or adding potted plants and foliage that match your decor style. Paying extra attention to specific details, like painting the front door, can help your property stand out nicely. An easy and inexpensive option to add instant curb appeal is to have your house power-washed. With just a little effort, you can craft a stunning outdoor environment that will draw admirers far and wide.

Let’s Discuss Your Real Estate Goals

If you’re thinking about selling your home in 2023, right now is the best time to start getting ready. Contact our team to discuss your real estate goals so we can help you build a smart strategy for selling. Our team has the local experience you need and backs our advice with the latest market data for your neighborhood to help you get top dollar for your home!

Key Takeaways:

• There’s goods news on the horizon in 2023 for home buyers and sellers
• Look for shifts when it comes to home prices, inventory, and interest rates
• Make a smart move by contacting us today to plan and strategize!

The COVID-19 pandemic ushered in an era of unprecedented milestones in the housing market. From the lowest interest rates in history to record amounts of equity, the last few years in the real estate market were anything but ordinary. However, as economies work on finding a middle ground, homebuyers and sellers can look forward to a much more familiar market in 2023. Let’s take a look at what we expect to see this year, so you can start thinking ahead to make your move.

Expect a bright spring for the national real estate market

The current inflationary pressures are expected to ease, especially by the spring of 2023. The recent string of the housing market favoring sellers will start to wane as slight price adjustments and an increase in inventory bring balance. Supply chain issues caused by the COVID-19 global pandemic are easing and will continue to improve throughout the year. And, the overall sentiment of the housing market will improve as we move away from those historic year-over-year comparisons that distort decades of housing market data.

What homebuyers can expect from this year’s market

As the market continues to balance, there will be an increase in the number of homes available for sale, with estimates at around 23% more inventory. Younger generations are planning to enter the housing market—many for the first time. A recent survey indicated that 79% of Millennials and 84% of Gen Z plan to buy a house in the next few years. Interest rates are forecast to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year, according to Bankrate. This will help fuel movement among homebuyers, who are also enjoying a strong job market. Despite high-profile layoffs primarily in the tech sector making the news, the overall unemployment rate is expected to stay at a low 3.6%. 

What homesellers can expect from this year’s market

While the Fannie Mae Home Price Index (FNM-HPI) expects home prices to decline this year—it’s only by a modest 1.5%. While a “decline” can sound disappointing, since the COVID-19 pandemic in 2020, the median home listing price is up 27%, adding more than $9 trillion to the total value of the US housing market. And, despite the recent dip in home values, homeowners that purchased before February 2020 are still up an average of $92,000 in equity, according to real estate experts Black Knight. This provides homesellers with some flexibility in the listing price, allowing for a faster sale if you’re willing to price your home competitively. It’s important to keep the last several years in perspective in order to maximize those returns and put your investment to work for you.

Talk With Us About Your Real Estate Goals

While the real estate market is always in shift, ultimately, buying or selling a home is more about what’s right for your lifestyle each year. And with a more egalitarian market expected in 2023, both homebuyers and sellers can expect to make beneficial deals. The best way to get started is to contact us. Our team has experienced countless shifts in the market, and we’re backed by the latest data in your local area to help you find your dream home!