The current and predicted state of the 2023 real estate market certainly looks different than it did a year ago. Unfortunately, sellers want to sell like it’s 2022 and buyers want to buy like it’s 2008.
As everyone knows, mortgage interest rates have skyrocketed and are double what they were last year. There are mortgage companies that are closing their doors, sellers who can’t get their homes sold, and buyers who are disappointed that their dream home they didn’t get last year now seems like it will never happen.
Life happens and people move
Many homeowners who have a lower interest rate may choose to stay put for now. But there are also plenty of sellers who may need to downsize, move out of town for family reasons, or relocate due to a new employment opportunity.
Without knowing where interest rates will end up and what that will do to our economy and inflation overall, we have to take real estate a step at a time. And we will! No matter what you may hear or read, the sky is not falling.
One thing about real estate is true. People will always be moving. Real estate happens because life happens. I recently sold a house for a family who moved to Colorado, another past client who got married and moved into his house, as well as a family who moved to California to be closer to family members.
Baby boomers are still going to downsize
I work primarily with baby boomers that are in the process of downsizing. The reasons for their downsizing are many but add a possible recession into the mix and that gets them thinking and moving even faster. Many of my boomers that are on a current 5 Year Plan, have indicated to me they want to move things up and do something by the end of 2023. Some of them are going to get serious about getting rid of their stuff – sooner than later!
Regardless of the current economy or inflation, we have to deal with it is what it is. In other words, I bought my first house in the early 80s when interest rates were 16.75%. I was pregnant with my daughter and we were renting a small 2-bedroom house. I wanted to get situated for the new addition to our family. Had we waited for rates to come down, it could have taken years. We made the necessary adjustments and made it happen.
How to adjust to an uncertain real estate market
First of all, set aside everything else for a minute. Before anything, you need to decide what’s important to you. What are the alternatives if you sell your house in 2023 or don’t? If you’re selling your home, why are you doing that? Do you have the time and the health to wait until the real estate market corrects? And will it ever?
If you’re buying, how important is it to you to become a homeowner? Why are you doing that? If you decide to forge ahead, you need to know that there are many great programs and options out there to get into a mortgage interest rate that works for you.
I’ve been selling real estate for over 35 years and rates had never been at 3- 4% until recently. So live your life and quit trying to predict what’s going to happen. Do what matters to you. Quit listening to others.
The predicted state of the 2023 real estate market – 3 things I know for sure
Rates will remain higher than in 2022
At this time, I would imagine rates will probably end up around 6% or a little bit lower. What can you do about that? Absolutely nothing. I don’t like the price of a dozen eggs either but I can’t change it.
If you’re buying your first home, rates may be higher than you want but your rent will continue to go up as well. Are you going to continue to move every year to save a few bucks on your apartment rent because a new complex offers you a deal?
Home prices will decline
Will home prices decline or readjust? Home prices must re-correct every few years to get the market leveled off. It tends to happen every ten years or so. Trouble is, if you have to sell that house you overpaid for in 2021 or 2022, it’s not worth what you paid for it then so it becomes a real problem when the market shifts.
Home sales will decrease
It’s only natural that people tend to want to hunker down when the going gets tough. If you want to sell in 2023, be a smart seller and understand what it’s going to take to be the best house to choose from. There is no runner-up in the game of real estate. You either win or you lose.
So, if you’re selling, sell smart and do it now because as home sales drop, you’ll have more opportunities. Pick the best agent who has experience in navigating a challenging market. Home staging is more important now than ever. If you are still living in your home, hire the best stager to create that model home look that every buyer wants and will pay more money to get.
And if you’re buying, you’re going to have to lower your expectations a bit. It’s ok. Rates may drop a little later in the year but be smart and buy now while other buyers are waiting for the rates to drop. You’ll be in a better buying position with less competition and won’t be overpaying for a home like your friends did. Don’t despair, you’ll make the home that’s currently affordable for you into your dream home in no time. The state of the 2023 real estate market is not your opportunity for trying to keep up with The Joneses.
In conclusion
We have no idea what might happen with real estate or anything for that matter. Keep your blinders on and focused on what’s important to you. The last few years have proven to be unimaginable in so many different respects. What I know for sure, is once you decide something, do it and do it now. We never know how long we have or what the country is going to experience that could affect our destiny even more. In all actuality, real estate changes with the times, the same as your life!
I want to be your Realtor!
Check out today’s new listings either below or in the sidebar. Call or text me at (913) 515-3250 to see inside one of these homes. I AM NEVER TOO BUSY to show you a house. Real estate is my main hustle after 35 years! Everything else I do is bells and whistles to enhance your experience!
Remember…the Realtor you choose determines the results you get. Choose carefully!
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Lot Size9,148 sqft
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Home Size768 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1949
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Days on Market2
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Lot Size13,504 sqft
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Home Size2,281 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1981
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Days on Market3
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Lot Size1,307 sqft
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Home Size1,764 sqft
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Beds3 Beds
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Baths4 Baths
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Year Built2003
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Days on Market5
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Lot Size3,485 sqft
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Home Size1,987 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built1987
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Days on Market9
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Lot Size10,890 sqft
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Home Size2,650 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2024
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Days on Market9
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Lot Size13,940 sqft
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Home Size6,471 sqft
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Beds5 Beds
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Baths7 Baths
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Year Built2020
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Days on Market11
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Lot Size8,712 sqft
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Home Size1,697 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1985
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Days on Market12
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Lot Size9,584 sqft
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Home Size1,386 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1959
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Days on Market13
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Lot Size12,197 sqft
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Home Size2,966 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built0
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Days on Market13
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Lot Size10,455 sqft
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Home Size2,837 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built0
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Days on Market13
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Lot Size10,019 sqft
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Home Size2,966 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built0
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Days on Market13
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Lot Size9,584 sqft
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Home Size2,966 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built0
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Days on Market13
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Lot Size9,584 sqft
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Home Size3,037 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built0
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Days on Market13
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Lot Size10,019 sqft
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Home Size2,730 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1979
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Days on Market13
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Lot Size23,087 sqft
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Home Size1,753 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1915
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Days on Market14
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Lot Size23,523 sqft
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Home Size1,522 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1940
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Days on Market14
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Lot Size10,019 sqft
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Home Size1,891 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built1961
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Days on Market14
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Lot Size10,455 sqft
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Home Size1,120 sqft
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Beds3 Beds
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Baths1 Bath
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Year Built1952
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Days on Market14
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Lot Size18,296 sqft
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Home Size1,692 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1936
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Days on Market15
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Lot Size8,712 sqft
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Home Size1,398 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1925
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Days on Market15
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Lot Size11,762 sqft
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Home Size2,132 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1961
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Days on Market15
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(all data current as of
11/29/2023)
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