{"id":6552,"date":"2022-11-13T14:29:05","date_gmt":"2022-11-13T19:29:05","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=6552"},"modified":"2022-11-13T14:29:09","modified_gmt":"2022-11-13T19:29:09","slug":"home-selling-2023","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2022\/11\/13\/home-selling-2023\/","title":{"rendered":"Home selling 2023"},"content":{"rendered":"\n

Memory is flawed and I believe that people forgot what the housing market was like prior to 2020. People were told that the housing market of 2019 was in a new normal, and, yes, signs were pointing to a balanced market. Then 2020 shocked the housing market, and everyone took a short break during the health crisis. After a short market shock, home buyers came back in droves and further stressed the already limited home sale inventory. And for almost two years, a crazy and sometimes irrational sellers\u2019 market was the \u201cnew normal.\u201d What will be the new normal for home selling 2023? <\/p>\n\n\n\n

\"home<\/figure><\/div>\n\n\n\n

Besides quick home sales, home sellers have also become\naccustomed to double-digit home sale price growth.  However, steep interest rate increases have\nseemingly cooled home buyer motivation. Home sales dropped to their lowest\nlevels in a decade. The question that everyone seems to be trying to answer is\nhow will the current conditions play out.<\/p>\n\n\n\n

Supply and demand. The one aspect, in retrospect, that has\ndriven the housing market since 2013 is home sale inventory. Home sale\ninventory never completely bounced back to equilibrium levels since then, and\nsparked the several sellers\u2019 market mini-cycles in the past decade. <\/p>\n\n\n\n

Chief economist for the National Association of Realtors,\nLawrence Yun, agrees, saying in a recent NAR new release \u201cFor most parts of\nthe country, home prices are holding steady since available inventory is\nextremely low. Some places are experiencing price gains, while some places,\nmost notably in California, are seeing prices pull back<\/em>.” <\/p>\n\n\n\n

Yun commented that the sharp mortgage rate spike since\nJanuary has definitely impacted the volume of home sales this year. However,\ntalking about home sale inventory, he stated, \u201cHousing inventory is about a\nquarter of what it was in 2008,” Yun said. “Distressed property sales\nare almost non-existent, at just 2%, and nowhere near the 30% mark seen during\nthe housing crash. Short sales are almost impossible because of the significant\nprice appreciation of the last two years.\u201d<\/em> <\/p>\n\n\n\n

Yun anticipates home sales to continue to decline about 7 percent in 2023, however, national median home prices will modestly increase in the range of 1 percent.<\/p>\n\n\n\n

Home selling 2023: If you\u2019re planning a home sale in next year, make certain you have a reasonable home sale strategy. Make certain you prepare you home by decluttering and making necessary repairs. Pay close attention to neighborhood home sale trends. And don\u2019t overprice your home when choosing a list price.<\/p>\n\n\n\n

By Dan Krell
Copyright \u00a9 2022 <\/p>\n\n\n\n

\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

Memory is flawed and I believe that people forgot what the housing market was like prior to 2020. People were told that the housing market of 2019 was in a new normal, and, yes, signs were pointing to a balanced market. Then 2020 shocked the housing market, and everyone took a short break during the … <\/p>\n

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