Spring is just within reach, thanks to the recent weather, and we couldn’t be more excited! After a frenzied few years in the industry, the market is balancing out with more realistic pricing from sellers and added contingencies for buyers. The trend forecasts a lower level of competition for homebuyers, here is NOVA we are starting to see properties with multiple offers. Position yourself to be ready to act when you find that special home! Prices are falling from their peak however, they are still predicted to remain stable, with homes in NOVA projected to have less than a 1% price increase this year.
With over a decade of experience in the residential real estate industry, we know how to navigate changes and bring success to our clients. The current market, with its high demand for housing and low inventory, presents great opportunities for both buyers and sellers. Don’t miss out on this chance to make your move in the real estate market. See below for our buyer and seller tips to help guide you through this exciting time.
Real Estate Tips for Buyers & Sellers: Market-in-a-Minute
For Buyers:
- Mortgage rates will likely remain between 5.5% and 6.5% for much of 2023.
- Buyers should shop around for a loan since there will continue to be a lot of variability in rates and terms across lenders.
- In 2023, buyers will have more leverage both in terms of price and concessions. However, inventory will remain relatively low, and prospective buyers will still need to be prepared to act quickly when they find a home they want to make an offer on.
- Affordability will still be a challenge in 2023, particularly for moderate-income and first-time buyers. However, these buyers should find less competition from investors and cash buyers, which will be a welcome change from the past few years.
For Sellers:
- Sellers who have been waiting on the sidelines should expect an uptick in buyer traffic in the first and second quarter of 2023.
- Pricing will be very important. Sellers who price their home appropriately, reflecting current market conditions, should find a ready buyer.
- Sellers should be prepared for buyers to negotiate and ask for help with closing costs.
- When reviewing an offer, keep in mind that your goal is to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a seller.