it is important to look at housing market predictions for 2023 before selling your home this year. Market predictions can give you a general idea of what to expect in terms of trends, such as home prices, demand, and inventory. This can help you understand how your home may be perceived by potential buyers and what you can do to increase its appeal.
Additionally, knowing the market predictions can help you determine the best time to put your home on the market, whether you should list it at a certain price, and what kind of marketing and/or sales strategy you should use.
Keep in mind that predictions are not always accurate and that local market conditions may be different from national trends. Therefore, it’s important to consult with a local real estate agent who can provide you with a more accurate and detailed analysis of the market conditions in your area and help you make the best decision for selling your home.
Expert Predictions About The National And Philadelphia Housing Markets And How It Should Impact Your Home Selling Decisions
We have surveyed several websites to collect various professional opinions and predictions about the US and local housing market for 2023. We encourage you to read through these and check out our summary and advice at the end.
Home sales will be subdued as long as rates are high, with over 85% of homeowners paying mortgage rates below 5% (and two-thirds with rates under 4%). This “lock-in effect” will cause more people to put off moving until interest rates fall below 5% or prices rise to match.
Prices will likely drop by 10% or more in local markets that are increasingly divorced from local earnings, particularly if businesses are successful in getting employees back to the office four or more days per week. Pricing decreases in some formerly high-flying markets may surpass 20 to 25 percent if there is a severe recession.
Interestingly, Nadia Evangelou, who is the senior economist and director of Real Estate Research for the National Association of Realtors, forecasts that despite little supply, “home prices won’t decline in 2023.” “I anticipate pricing to increase by only 1% percent, remaining basically steady.” However, Johnson believes that increasing borrowing rates will surely have a negative impact on home prices and values. According to Johnson, there will be “a soft real estate market with values at levels lower than current levels.” That’s not fantastic news for sellers, but it’s good news for people looking to buy a home.
Many prospective sellers will probably be reluctant to part with the historically low interest rates they used to finance their purchases or refinances in exchange for rates that might be double. The number of homeowners who move without selling their home could rise. They are keeping their former properties and transforming them into single-family rentals rather than giving up the modest payment on them. It may benefit both the seller and the renter if the rent from a tenant pays the mortgage and the owner’s equity keeps increasing. However, because they won’t be put on the market, these residences may be more reasonably priced for homebuyers. However, purchasers are likely to keep gaining ground in 2023.
According to Realtor.com, the 2019 year is shaping up to be a “nobody’s market” that won’t favor homebuyers or sellers in most markets because home prices are still increasing but are doing so at a slower clip across the nation. Despite this, high mortgage rates may continue to have an impact on affordability and drive away potential purchasers.
Good news for prospective homebuyers is contained in the prediction. In 2023, Realtor.com predicts that there will be more homes for sale, more homes that will take longer to sell, and less competitiveness after more than two years of a competitive, limited-supply market that overwhelmed many buyers, particularly first-time buyers.
Pennsylvania’s two biggest metro areas are poised to be among the 10 hottest large real estate markets in all of America, see the predictions from Zillow.
Based on the parameters used by the company, Zillow predicts that Philadelphia will come in at No. 10 and Pittsburgh will come in at No. 3 among the 50 largest markets in America. In contrast to recent years, when western towns like Denver, San Francisco, and San Jose were frequently among the hottest, the list represents a change.
No city west of Dallas made the top 10 in this ranking. Some western markets are either already seeing price decreases or anticipate them.
Zillow stated that most areas are weakening as interest rates climb in a press statement revealing the rating. However, the markets that had the biggest gains are now exhibiting unusual softness.
Wendell Hoover, owner of Iron Valley Real Estate in Central Pennsylvania and president of the Greater Harrisburg Association of Realtors, said, “We had a very strong market over the last three years, but we didn’t have the astronomical price increases like some of the other cities that are now experiencing price declines.
In Pennsylvania,”We still have multiple-offer situations,” Hoover said. “Maybe not 10 offers on a property, but we still may have two to three if it’s priced like where it should be.”
Advice From The Local Professionals At 717 Home Buyers
As you can see, many professionals predict a slow down in prices, and in some cases even a bit more of a buyer’s market across the U.S. as a whole. However, local professionals here in the Philadelphia area and eastern PA seem to feel that the market will still be fairly good in 2023.
What does that mean for you if you are looking to sell your home this year in Philadelphia? If you have a home that is in good condition in a desirable area, call a local real estate agent and check out your options. You could also consider a FSBO (For Sale By Owner) option if you are brave, have the time, and want to save some commission fees.
However, what if your home is not in good condition? What if you have a home with foundation damage? What if you have a home with mold? What if you have a home with a bad roof? Perhaps you have years of clutter in the basement, outdated bathrooms and kitchen. If you find your home in one of these type situations, you may want to consider a cash offer from a professional home buying company like 717 Home Buyers. Even in a great housing market, if your property has multiple issues, you may not want to take the time, effort, and expense to prepare it in such a way that a real estate agent would want to try to sell it.
717 Home Buyers should be on your short list of options as you look at your opportunities to sell quickly. At 717 Home Buyers, we can make you a cash offer on your property as-is. There are no official inspections, no repairs needed, no clean-up, or remodeling needed. We simply make you a cash offer and if you accept, we can typically close the deal within a week to ten days and you will have your cash in hand.
You can learn more about how our process works by clicking here. You can read our Google reviews by clicking here or watch some videos of satisfied clients here. If you would like to talk more to one of our friendly professional experts, Call us at 717-639-2164 today. We can give you a no-obligation quote usually within 24 hours. We hope the best for you. Let us know if you feel we can be of help.
About Josh Eberly
A native of Lancaster County, Josh’s roots run deep in his commitment to this community. He especially enjoys helping people find solutions through real estate. Josh is a seasoned investor with experience in many sides of buying and investing in real estate. Josh enjoys reading, listening to podcasts, digital marketing, and hanging out with his family. Feel free to connect with him here.