The national housing market has taken several twists and turns over the past few years thanks to a global pandemic, plummeting interest rates, and staggeringly low supply in many locations. Many people are wondering what 2023 has in store, especially as they think about shopping for homes for sale in Havertown, PA. If you have questions about what the forecast for 2023 looks like, this article will give you many of the answers that you’re looking for. If your question isn’t answered here, one of the knowledgeable agents with the Wagner Real Estate group would love to help you find the information you need.
1. How’s the market right now?
Across the nation, the climate remains favorable for sellers. Home prices continue to rise, and many sellers receive multiple competitive offers for their home. Haverton is no exception, where median sales prices are slightly higher than where they were one year ago. Most homes go under contract within two or three weeks after they are first listed and sell for a slightly higher price than asking. If a home is in especially high demand, it may not last a full week on the market.
2. Will these trends continue into 2023?
Many experts project that a slight recession will take place in 2023
. While home prices have risen steadily over the past few years, don’t be surprised if things completely stall out at some point during 2023. Small declines are possible, but most experts don’t predict that prices will drop off steeply. This is good news for sellers, as 2023 should still present opportunities to make a good profit on their home, even if that return isn’t quite as lucrative as in 2020 or 2021.
3. When’s the best time to sell a home?
Many buyers begin scanning the market in March or April. Some of them already have their tax return by this point in time, and the extra money begins to burn a hole in their pocket. Things really pick up during May and June, when families look to move soon after their children finish school and position themselves to have the summer to settle into their new home before their children start school again in August. Sellers tend to make the greatest profits during these months, and if you list your home around this time, you can expect more significant interest than what you might see during other times of the year.
4. When’s the best time to buy a home?
While the market is hot during the summer, it slows down considerably during the winter. Specifically, October and December are fairly slow months for home sales. Many people are busy preparing for the holidays or driving their children back and forth from school and extracurricular activities. If you’re a buyer shopping for homes for sale in Havertown, PA during these months, you may notice more price drops than at other points during the year, and you might not experience the same level of competition when shopping for homes.
5. Will 2023 be a good year to buy?
2023 won’t be a bad year to be a buyer, but there are a few things to keep in mind. First of all, interest rates and inflation should continue to rise over the next several months. What this means is that you may still end up paying more for a home than what you would pay right now, even if median sales prices stall or drop slightly. Therefore, it could benefit you to move quickly, as long as you are in a good financial position. As you think about whether this is the right time for you to buy or not, you might reach out to a lender to discuss what kind of loan you may qualify for. Your lender could even pre-approve you for a loan
, which means that you are a good candidate based on your debt-to-income ratio and your current credit score. Since many sellers ask to see a pre-approval letter before they will sign a contract to sell you their home, this is an important part of the process.
6. Should I sell my home in 2023?
While the market may not be as competitive in 2023 as in recent years, it’s still likely to favor sellers. At the same time, this doesn't mean that selling is the right move for everyone. Ask your realtor for a current market analysis as you weigh your options. Your realtor will do some research to learn about how similar properties have fared in your area over recent months. You can use this information to think about where you might be able to price your house. If you’re strongly considering selling, you may also take some time to make a few small upgrades to your home. Two top concerns among buyers today are outdoor living spaces and energy-efficient appliances. If you choose to install extra lights on your back porch or replace your windows
, you may boost your home’s ROI. Also, some sellers will order a home inspection before putting their home on the market. This gives you extra time to make any necessary repairs. Remember that these issues can show up on the buyer’s inspection later on, and the sale could be delayed if the buyer has concerns about the property.
7. Who can help me buy or sell in 2023?
While all this information can feel overwhelming, the good news is that you don’t have to work alone. If you’re planning to buy or sell a home in southeastern Pennsylvania in 2023, there is nobody better suited to help you than the Wagner Real Estate Group
. Their entire team of dedicated agents is committed to meeting client needs and providing you with expert wisdom and insight based on their 125 years of combined experience. Give them a call when you’re ready to take the next step toward buying or selling your home.