With a rise in housing inventory from slower winter sales, we can expect more opportunities for eager buyers this spring. Mortgage rates are expected to settle below 6% and experience less volatility according to the National Association of Realtors senior economist and director of forecasting, Nadia Evangelou.
However, with rising rents across the country and pent up buyer demand due to lower housing inventory in 2022, it could still be a fairly competitive market.
This probably leads you to ask, â€œWhen should I start looking for a home?â€ The best time for you to buy a home is when itâ€™s best for you. The spring 2023 market is underway in some parts of the country, so the time to start preparing is now!
Is Winter a Good Time to Buy a House?
- Fewer home buyers look for homes during the winter months. This gives winter home buyers an opportunity to purchase a home with little or no competition.
- Homes for sale in the winter months may stay on the market for a longer period of time. The longer a home is for sale, the more likely a buyer can purchase the property for a reduced price.
- If a home is for sale in the winter, the seller may need to move quickly. This could be an advantage for a buyer regarding price negotiation and other terms in the contract.
We encourage you to listen to a recent episode of NAEBA’s Listen Up Homebuyers Podcast onÂ Winter Home Inspections & Home Maintenance featuring Glenn Grutta, owner of Vector Home Inspections in Massachusetts. Glenn offers tips on what to look for during a winter home inspection and how to best maintain a home in the winter.
Who you choose as a home inspector is your decision. Your Exclusive Buyer Agent will have recommendations for licensed and experienced home inspectors but it is always your choice.
Remember, the home inspector works for you! Expect detailed explanations of the inspection, and answers to all your questions. Finally, the home inspector should provide a comprehensive inspection report and offer guidance on how to interpret the findings.
Sellers May Be More Motivated in the Spring Market
The housing market is undergoing a major shift. Home buyers need an experienced local exclusive buyers agent to help them navigate the evolving market successfully. Exclusive buyers agents are 100% loyal to home buyers. No dual agency or designated agency, exclusive buyer agents focus on educating home buyers so they can make informed decisions.
Home buyers deserve full representation and protection during the home buying process, and thatâ€™s what youâ€™ll get with an Exclusive Buyer Agent. Exclusive Buyer Agents evaluate market conditions with a focus on the needs of their buyer clients.
Prepare for the Spring Real Estate Market
Whether youâ€™re a first-time homebuyer or looking for an investment property, consider these steps to get ready for this exciting spring market:
- Start Building a Relationship with an Exclusive Buyer Agent early. Know that it takes time to find a trusted advocate who understands your goals and needs. Ask your exclusive buyerâ€™s agent lots of questions!
- Create your checklist and prioritize your needs and wants. Share your checklist with your exclusive buyerâ€™s agent. Remember, your needs and wants list may change, that is part of the process!
- Get Your Finances in Order. Talk with an experienced local lender who will review your finances. The lender should explain mortgage options and loan programs that you may qualify for in your area. In addition, you and the lender will determine the price range for your home search criteria.
First-time homebuyers, use this free guide on questions to ask your lender.
Spring Homebuying Forecast
Lawrence Yun, NAR chief economist and vice president of research, forecasts 4.78 million existing homes will be sold, prices will remain stable and Atlanta will be the top real estate market to watch in 2023. Yun says foreclosure rates are expected to remain at historically low levels in 2023.Â Meanwhile the average rate on a 30-year fixed rate mortgage fell to 6.09 in early February, the lowest in five months.
Exclusive Buyer Agents Share Market Trends Across the Country
Midwest Housing Spring Market
Jon Boyd, Broker and Manager at The Home Buyer’s Agent of Ann Arbor, Inc., shares that, â€œWith the Christmas/New Year pause behind us, we are now seeing significant activity in our markets in Southeastern Michigan. Well-presented “ready to move into” homes in Ann Arbor priced under $500,000 have started selling in their first week. This is a clear indication of a continued inventory shortage. The Ann Arbor market is somewhat isolated from the national economy, so we expect it to be a seller’s market this spring and well into summer. The other markets we serve will still have inventory shortages, but not nearly as dramatic, so we expect things to balance out more later this year.â€
East Coast Housing Spring Market
Victoria Ray Henderson, Owner and Broker at Homebuyer Brokerage in the Greater Washington D.C. & Baltimore area says, â€œWe are in the midst of a dramatic shift in the real estate market. For two and a half years, the housing market has been a mad dash ending with a thud in the last quarter of 2022 with record low inventory and record low buyer activity. I believe inventory will pick up in the spring of 2023 but not at the rate needed to meet buyer demand. There will still be competition for houses, particularly in early spring. We’ve survived a major auto-correct in the housing market. Spring 2023 will be the slow recovery to a more balanced real estate market.â€
Find Your Local Exclusive Buyer Agent Today
Want to familiarize yourself with the market in your area? We will connect you with trusted Exclusive Buyer Agents who are 100% loyal to home buyers. Acting as your advocate, exclusive buyer agents work hard to find the home of your dreams. Just fill out our online form to prepare for the spring 2023 housing market!