What the 2023 Housing Market Trends Mean for Buyers & Sellers

For the past 2 ½ years the housing market has seen a dramatic increase in housing prices and mortgage rates. Not only has there been an increase in prices but, because of the demand for houses, there has been a shortage of houses available to consumers. All of which has led to bidding wars on the houses that buyers are trying to purchase.

While the past two and a half years have been difficult for consumers in the market for homes, the National Association of Realtors (NAR) is predicting that normalcy is going to return to the market in 2023. 

For Buyers

This return of normalcy in the housing market should lead to mortgage rates stabilizing and housing prices returning to more moderate levels after recent highs of the past few years. If you are considering entering the housing market in 2023, you should be able to anticipate more normal buying experiences than what we’ve seen in the past few years - - more homes likely sold at or near listing price, more ability to make offers contingent on the sale of an existing home along with other reasonable contingencies, and less likelihood to have to pay cash to get the home of your dreams (or so it has seemed in past).

For Sellers

If you’re looking to list your home, the decrease in the demand for homes, while good for buyers, will likely lead to less competition in the market.  Meaning that sellers should anticipate fewer bidding wars, longer listing to sale turn-around time, and a return to offers with contingencies built into home buying contracts.

In each instance, having the right realtor for you, will be pivotal. Trends for 2023 reaffirm that, when buying or selling a home, you will want to go with a realtor that knows the market and knows how to market your home to buyers.

At DwellHop, our goal is to deliver the best buying and selling experience for all of our clients. Whether you are a buyer or a seller, we look forward to helping you navigate the market to find your dream home!