As a Claremont area Realtor, I am always keeping an eye on the trends and forecasts of the housing market. And as we head into spring 2023, there are some interesting insights from experts that I think home buyers and sellers should be aware of.
Firstly, experts are predicting that the spring 2023 housing market will continue to favor sellers, as we have seen in previous years. This is mainly due to low inventory and strong demand. This means that home prices are likely to remain high, and competition among buyers may be fierce. Therefore, buyers may need to act quickly and make strong offers to secure the home they want.
Additionally, mortgage interest rates are expected to remain stable with a potential for a slight decrease as the year moves on or potentially remain the same. Which could impact home affordability for some buyers. Since home prices are not expected to crash, buyers who are looking to secure a mortgage may want to do so sooner rather than later, with the possibility of refinancing at a later time.
However, despite the potential challenges for buyers, there are still opportunities for those looking to invest in the housing market. Experts predict that the demand for rental properties will continue to rise, making it a potentially lucrative market for investors.
Another trend that we are seeing is a shift towards more sustainable and eco-friendly homes. Buyers are increasingly looking for energy-efficient homes that can help them save on utility costs, while also reducing their environmental footprint. As a realtor, it is important to stay up-to-date on the latest trends in sustainable home design and construction.
Finally, experts are also predicting that technology will continue to play a significant role in the home buying process. Virtual tours, online listings, and AI-powered tools are making it easier for buyers to find and purchase homes, even from afar. As a realtor, it is important to stay current with the latest technology and tools to provide the best possible service to clients.
In conclusion, the spring 2023 housing market is expected to be a challenging, yet potentially rewarding market for both buyers and sellers. As a Claremont area Realtor, I am prepared to help my clients navigate these trends and find the right home for their needs and budget.
Here are three industry experts insights:
Rick Sharga, Founder and CEO, CJ Patrick Company:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
Jeff Tucker, Senior Economist, Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around.New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual."
Greg McBride, Chief Financial Analyst, Bankrate:
“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”
