Fear not! There is light at the end of the 2023 real estate tunnel
by Jackie Scheller
The real estate market continues to experience issues consistent with 2008 and beyond. There is light at the end of the tunnel, however! Your timing is good if you want to sell or buy a home.
The reasons why:
- Inventory of homes is low and sellers can maintain a strong yet reasonable price expectation.
- Interest rates are ticking back for those needing a mortgage.
- Many cash buyers are shopping and buying, which often means a quick close.
- Some will follow the “sensationalized” news and stay out of the market, which will present an opportunity for you when you list your home.
The bottom line is that economics 101 applies to real estate. The market needs inventory, so listing your home now does make sense if you have somewhere to go. The lower inventory props up the price so you will be in a good position for the bottom line. The “20% above market value” is not at play in 2023, but a good solid price is. Buyers are waiting for homes to be listed in all reasonably priced markets. As the mortgage interest rate settles down, buyers will be interested in moving forward. Be ready when they are!
Start decluttering, doing interior painting and other maintenance to get ready to sell. Contact a licensed Realtor or two to answer your questions. Most Realtors provide a no-obligation consultation. During this consultation, a Realtor will provide a comparative market analysis, a seller net sheet and updates on the local market. Realtors also can provide information in out-of-area markets.
Make the move today! Mid March is an ideal time to list; it coincides with spring buyers entering the market.
Jackie Scheller is a licensed Realtor/real estate broker, local business owner, entrepreneur, and retired business teacher. She holds a master’s degree in education from Wayne State and a bachelor of arts from Eastern Michigan University.