2023 Richmond Real Estate Predictions
Changes for buyers & sellers in 2023:
No more panic buying! In the middle of 2022, things were getting pretty crazy with folks paying well over asking price, foregoing home inspections, and sometimes just settling for something close to what they wanted to take advantage of the lower interest rates. Those days are gone! Homes are staying on the market a bit longer, allowing for buyers to have time to consider before making an offer. This forecasts the trend for a much more balanced market in 2023.
Home prices are solid! Many sellers worry that they missed out on the peak of the market back in May/June of 2022. Good news! Home prices are solid and continuing to rise, just at a slower rate than last summer. We can develop a plan to get the most eyes on your home and still get top dollar! I am here to be your trusted advisor and guide each step of the way!
Experts forecast that interest rates have peaked at 7% and are on the way back down! This is great news for everyone! It's important to remember that as rates go back down, buyer demand goes back up! A great strategy for many buyers in this market is to start looking now and if the right home comes along while rates are still higher than ideal, put in your offer and plan to refinance when rates come back down! You can get a great price on a home and save money in the long run.
2023 looks like a more balanced market with great opportunities for buyers and sellers alike. Months before considering a move, there are things you can do to prepare to be in the best possible shape for buying or selling. I am always here to help you and the people you care about!
