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3 Things Sellers Need to Know This Spring
Much has changed over the past year, and you might be wondering what's in store for the spring housing market. If you're planning to sell your house this season, here's what real estate experts are saying you should keep in mind.
Houses That Are Priced Right Are Still Selling
Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:
". . . sellers who price and market their home competitively shouldn't have a problem finding a buyer."
The need to price your house right is highly important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:
"With a smaller pool of buyers today and more competition from other homes on the market, home sellers will likely need to adjust their price expectations in the market this spring."
While this spring housing market is different from last year's, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that's great news if you're thinking about selling.
Inventory Will Grow & Home Appreciation Continues
We started 2023 with 12% more active listings than last January. The increase in active listings is due in part to homes taking longer to sell. There is considerable pent up seller demand to sell their properties and make a move. The frenzied conditions of last year with multiple offers and confusing escalation clauses have abated. Most sellers will be pleasantly surprised at the amount of equity they have in their homes, as properties have appreciated significantly over the past 5 years. Some sellers are reluctant to sell and give up their low interest rate mortgages. This may lead to sellers who are able, keeping their residences as rentals.
"... Sellers can have success in this market as long as they approach with reasonable expectations that are very different from what was the norm less than a year ago." - Danielle Hale, Chief Economist, Realtor.com
Experts forecast that nationally home prices will go anywhere from 5% depreciation to 5% appreciation in 2023. The average of seven forecasts is 0.1% appreciation. Markets seeing the most significant drops will be those where home values grew the most rapidly, so even with prices dropping, home values will probably still be up year over year. "After years of high-flying tech cities dominating real estate who's-who lists, this year's top performers are expected to be modest, mid-sized domestic, industry hubs in the Northeast, South, and Midwest. The slow and steady real estate markets in these areas continue to be affordable and will be the stars in 2023, better weathering the affordability challenges that loom ahead." - Danielle Hale, Chief Economist, Realtor.com.
Buyers Are Still Out There
As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. Although, there are still plenty of different reasons that people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today's buyers:
"For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months."
We are optimistic that 2023's spring selling season will be a bright spot as inflation gets more under control. Demographics are spurring demand. According to a recent survey, 84% of Gen Z, 79% of Millennials and 61% of survey respondents 77 or older, plan to buy a house or condo in the next few years.
"Long term homeowners should view the market … right now … as a unique buying opportunity … This may be the one and only window for the next few years to get into a buyers market and remember … as the Federal Reserve data shows … home prices only go up and always recover from recessions no matter how mild or severe." - David Stevens, Former Assistant Secretary of Housing.
That's why, if you're interested in selling your house this spring, it's helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home. There are still clear opportunities for sellers this spring. If you're wondering if it's the right time to make a move, contact us today.
Source: Keeping Current Matters
