What Does the Spring Housing Market Hold in 2023? – If you have followed the real estate market in West New York and around the entire country for the last three or so years, you have probably noticed one resounding factor of the real estate market. This factor is that real estate is an ever-changing and unpredictable thing.
What Does the Spring Housing Market Hold in 2023?
More so than ever it seems like real estate has gone through unexpected changes several times just since 2019. Many of the changes seemed to take place overnight and had us waking up to a brand new surprising shift in real estate. It began with mortgage interest rates plummeting to unbelievable lows, then housing inventory plummeting to match.
Inventory became scarce with West New York homebuyers racing to lock in rates for home loans that seemed too good to be true. This ushered in very high competition among buyers and led some to do crazy things that led to a bit of buyer’s remorse as a result of feeling the need to rush to be the winning bidder on a West New York home.
Over the course of 2022 mortgage rates shot up well past where any real estate and economic expert predicted (see real estate is that unpredictable.) This shifted the market again cooling competition among buyers as some backed off with interest at nearly twice where they were when the year began.
So What Can We Expect From the Housing Market in 2023?
The course of the last few years at the height of buyer competition almost erased traditional real estate buying and selling patterns. In 2023 we are seeing a return to the traditional peak-selling season of spring.
Real estate analysts and experts around the country are predicting that spring 2023 will be a busier season for real estate as compared to winter though they may be lower than numbers from 2022. The number of homes for sale is expected to increase, although in some areas it is not expected to meet the need for a balanced buyers’ market.
There is good news for both buyers and sellers for the spring real estate season, however. For buyers, it is an increase in inventory, a cooling down on the rapid pace that homes were selling, more bargaining power, and a slight settling on rapid mortgage interest rate increases.
For home sellers, the good news comes in the form of more buyers returning to the market with all of the good news that the real estate market holds for home buyers. Taking advantage of an increase in buyer interest right now can bring a home seller a top offer.
With the Right Help, Any Time Can Be a Good Time to Buy or Sell a Home
All real estate market predictions aside, it is always best to have a chat with an expert local real estate agent about the current status of homes in the area you are looking to buy or sell.
The ultimate measure of whether you should buy or sell a West New York home is your personal life circumstances. Employing a knowledgeable and experienced real estate agent that lives and works in your area is crucial. They can help you to determine the best home buying and home selling steps for you personally.
For more information on buying or selling homes in West New York please contact us any time.