Are you curious about what the real estate market will be like in 2023? It’s always interesting to know what trends are coming and which ones may wane with time. With the ever-changing conditions of today’s market, it can be difficult to stay up-to-date on any trends that might help or hinder your prospects for buying, selling, or investing in Real Estate this year. In this blog post, we’ll explore some exciting emerging trends and their impact on the future of the Real Estate industry so you can make informed decisions in 2023 and beyond!
Forecasted trends are showing quite a change in the market. For the past few years, it has been a seller’s market, and trends are showing that homes will likely stay on the market for a longer time before a buyer can be found. Another factor that can go into this is the current mortgage rate making it more difficult to lock yourself into an interest rate that is just too high. The hope is with the slow of buying and selling, the market may return to normal, and interest rates will begin to fall.
Another major trend that will be seen in the real estate market in 2023 is an influx of millennial buyers. Millennials are now entering their prime buying years—the age range when people are most likely to purchase a home—and this demographic is expected to make up the majority of buyers by next year. For sellers, this means that it will be important to understand what millennials want and need from their homes before putting them on the market.
Finally, there has been an uptick in demand for suburban homes over the past year or so as people have sought out more space during the pandemic. This trend is expected to continue into 2023 as people become accustomed to working from home and begin looking for homes that provide more living space without sacrificing convenience or access to amenities. Therefore, sellers should consider marketing their suburban properties accordingly if they want to maximize their profits next year.
If this is the year you are thinking about buying or selling, we see time being on your side. With the slowing market, this gives buyers and sellers the opportunity not to jump into a home too quickly or accept an offer quickly to get the home off their hands. If you’re looking to buy, make sure you are looking at homes that you can afford and continue to budget correctly. For sellers, take the time to prepare yourself properly for the next steps. Make sure your home is ready to be shown and make sure that when an offer comes through, you are not rushing to move and that you already have your next home lined up; timing is everything.
These are just a few of the many trends that we anticipate in the real estate market for 2023. Some of these trends may be positive, while others might make things more difficult for buyers and sellers. Either way, it’s important to stay informed and work with a knowledgeable real estate agent who can help you navigate the market regardless of what direction it takes. Are you thinking of buying or selling a home in 2023? We’d love to hear your thoughts on these housing trends!