The 2023 housing market continues to look stronger with 65% more real estate listings in January compared to last year, according to realtor.com.
Although home prices are still up year over year, they have lowered from the pandemic peak, making it a more reasonable time for homebuyers to jump into the market.
Mortgage rates are also lower than their 20-year high, averaging nationally at a low 6.09% for the week ending February 3rd. This means that homebuyers can pay less and still have the chance to see even lower mortgage rates as inflation is expected to decline further.
With lower mortgage rates, stabilizing home prices, and a surplus of listings, the overall climate continues to look better and better for potential homebuyers.
Although interest rates have decreased, median mortgage payments are still higher than they were a year ago. This shouldn’t discourage buyers as they can still find their dream home with the inventory available in 2023. Despite challenges with inflation, many buyers are still able to make offers on homes and find their perfect fit.
Homes are staying on the market for an average of 75 days, giving buyers even more time to find the right one. It’s not that more homes are going up for sale, but rather the ones on the market are taking a bit longer to find their new owners.
Sellers also seem to be taking their time and choosing to stay in their homes due to the historically low interest rates secured in recent years on their mortgages. This is creating a unique opportunity for buyers as it allows them to explore both new and older listings with the potential for great deals.
New listings bring a fresh perspective and may better fit the needs and budget of buyers, but it’s also recommended to take a second look at those older listings. These listings have been on the market for a while and their sellers might be more open to negotiating, giving buyers the chance to snag a great deal.
Overall, the housing market offers exciting prospects for both buyers and sellers this year, with a variety of options to choose from. Whether it’s a brand new listing or one that’s been on the market for a while, there’s a home out there waiting for its new owner!
