What are the experts predicting for the housing market this Spring?
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty… and I sell homes in Oakland, Berkeley, and the San Francisco East Bay
As we move into the warmer months of 2023, what is in store for Spring? Here is what you can expect as either a homebuyer or seller.
Mortgage Rates are a Wildcard. Buyers who have been on the fence about buying were encouraged in the first part of the year when mortgage rates fell. However, with the fluctuation with rates in recent weeks, all eyes will be on the Feds to see how they respond.
Prices will remain relatively stable. Although inventory tends to increase in the Spring, experts predict prices will continue to stabilize since inventory levels are still considered low. According to Aaron Kirman, founder of Christie’s International Real Estate, and I quote “We are still seeing market volatility as interest rates fluctuate but I think prices will remain close to stable since we still have a lack of inventory.”
More People will be looking to buy. Buyer traffic is expected to pick up in the Spring with more sellers listing their homes than in January and February due to the warmer months.
Housing Inventory will remain an issue. Although we will see a busier Spring than Winter, some sellers are choosing to remain in their homes unless they absolutely have to move. Sellers are basically sheltering in place, hoping for interest rates to drop so they can plan their next move causing inventory to remain low.
Buyers will buy second homes. The luxury market remains strong with more buyers purchasing second homes as an investment to hedge against inflation. With the market shift, Buyers can finally purchase a luxury property at a more realistic price without being outbid.
Of course, these are all predictions and trends, and we do not have a crystal ball to see how the year plays out. If you are in the market to either buy or sell, please reach out to my team and I so we can help strategize your next move.
And if you’re selling, ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that… no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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