Home Market Predictions for 2023

Whenever I am introduced to someone for the first time, it's very common to hear the questions, "So how is the market?'

The real estate market, just like the stock market, is impossible to predict or time.  Like the economy, however, the data tells us a picture of where we have been.  The sales data clearly shows a cooling off of the real estate market in the Frederick County Maryland area and surrounding neighborhoods since October 2022. 

What does that mean to the average home seller or buyer in 2023?  If you are a seller, the constant extra low inventory is setting you up for success.  Three keys to selling success this year are:

1. This year you need to complete those critical projects that your real estate professional advised would add value to your home.  You can't ignore the importance of curb appeal and the need to impress buyers.

2.  Make sure your Listing agent provides you with professional home staging, both advice and decorating services.  In a changing market, home staging to get that "wow factor" can be the difference between selling at full price or higher and having to take repeated price reductions.

3.  Demand only the best professional photography from your Listing agent.  When buyers see the tour of your home, literally every single photo is being judged by thousands of buyers all over the world.  

If you are a buyer in 2023, I would advise you to see this year as an opportunity and to get serious about finding the right home immediately.    You may actually win a contract without having to pay extra cash over and above a home's value.   Interest rates are not likely to go back down.  However, home values are likely to stabilize.  It's important to remember that you are marrying the house, not your mortgage.  You can possibly refinance your mortgage in the future if interest rates do change in 5 or 10 years.

All in all, 2023 looks like a great year if you have a trusted advisor that is committed to working diligently on your behalf.  At Welcome Home Realty Group, our Realtors pledge to Move Mountains for you!