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Spring 2023 Sellers Guide

Spring 2023 Selling Guide

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Inside this Issue

  • Should I Sell My House This Spring?
  • What’s Ahead for Mortgage Rates and Home Prices?
  • Number of Homes for Sale Up, but Below Pre-Pandemic Years
  • Top Reasons Homeowners Are Selling
  • Today’s Homeowners Still Have Positive Equity Gains
  • Want To Sell Your House? Price It Right.
  • An Expert Makes All the Difference When You Sell
  • A Checklist for Selling Your House
  • Reasons To Hire a Real Estate Professional

Start Viewing the Spring 2023 Sellers Guide HERE!

Here’s a sneak peek…

What’s Ahead for Mortgage Rates and Home Prices?

As you make plans to sell your house and move this spring, you may be thinking about what lies ahead for mortgage rates and home prices. Here’s a look at expert insights on where both may be headed so you can make the most informed decision possible.

Mortgage Rates Will Continue To Respond to Inflation

Last year, mortgage rates more than doubled within the calendar year. That’s never happened before, and the rapid rise caused many buyers to put their plans on hold. Today, rates are still quite volatile. With experts projecting rates will stabilize this year, that could be good news for you as it may mean more buyers jumping back into the market. And any drop in interest rates would boost your purchasing power for your next home by bringing your expected monthly mortgage payment down.

But you shouldn’t expect them to drop all the way to the record lows we saw in 2021. Greg McBride, Chief Financial Analyst at Bankrate, explains:

“I think we could be surprised at how much mortgage rates pull back this year.
But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”

Home Prices Will Remain Relatively Flat

Homes prices will always be defined by supply and demand. When there are more buyers than homes on the market, home prices will rise. And that’s exactly what we saw during the pandemic.

But things have changed. We’ve seen home prices moderate and housing supply grow as buyer demand pulled back due to higher mortgage rates last year. The level of moderation has varied by local area – with the biggest changes happening in overheated markets. But do experts think that will continue?

The graph below shows the latest national home price forecasts. As the different colored bars indicate, some experts are saying home prices will appreciate this year, and others are saying
home prices will come down. But again, if we take the average of all the forecasts (shown in gray), we can get a feel for what 2023 may hold.

Home Price Forecast

The truth is probably somewhere in the middle. That means nationally, we’ll likely see relatively flat or neutral appreciation. As Lawrence Yun, Chief Economist at the National Association of
Realtors (NAR), says:

After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

If you want to know what’s happening in the market, let’s connect so you have the latest on what experts are saying and what that means for our area this spring.
Sellers Takeaway

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