{"id":25377,"date":"2023-05-02T08:24:15","date_gmt":"2023-05-02T14:24:15","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=19871"},"modified":"2025-03-10T13:50:25","modified_gmt":"2025-03-10T19:50:25","slug":"2023-housing-market-update-for-home-sellers","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/2023-housing-market-update-for-home-sellers\/","title":{"rendered":"2023 Housing Market Update for Home Sellers"},"content":{"rendered":"\n

Thinking about selling your home? Get an update on the 2023 housing market! Here\u2019s what you need to know.<\/p>\n\n\n\n

Demand and pricing<\/h2>\n\n\n\n

Good news! Since the pressures of the pandemic have begun to ease, industry sources indicate there are many areas across the country where both the demand and pricing for homes are strong.<\/p>\n\n\n\n

In fact, NAR<\/a> recently shared that \u201cAfter nearly a year, the housing sector\u2019s contraction is coming to an end….Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months,\u201d according to its Chief Economist Lawrence Yun.<\/p>\n\n\n\n

The real estate pros at Bankrate<\/a> weighed in, too. \u201cWith housing inventory still at an extremely low 2.6-month supply, per NAR, the nation overall is still very much a seller\u2019s market.\u201d<\/p>\n\n\n\n

As far as home prices go, they\u2019re still holding steady in many markets, largely due to the lack of available inventory. Although home sale profits may not be what they were during the peak in 2022, you may still see an attractive return on your investment.   <\/p>\n\n\n\n

Of course, current home prices could present a bit of a challenge when purchasing your next property. Fortunately, some new home builders offer special financing<\/a> and other incentives<\/a> to make buying a brand-new, never-been-lived-in home more affordable. <\/p>\n\n\n\n

Mortgage rates<\/h2>\n\n\n\n

Concerned about how today\u2019s mortgage rates could impact your home sale? That\u2019s valid given they reached a 20-year high last fall, according to Forbes<\/a>. However, Forbes noted that rates have recently begun to slide, which is good news for sellers and buyers, alike. \u201cIn March, mortgage rates ended the month over 30 basis points lower than where they started as more buyers returned to the market,\u201d the global media company reported<\/a>.<\/p>\n\n\n\n

Forbes also shared that as of April 17, Freddie Mac reported that \u201cMortgage rates fell for a fifth straight week following five consecutive weeks of increases.\u201d While there are no guarantees, this decrease may indicate that a shift is underway in the 2023 housing market.<\/p>\n\n\n\n

\u201cDeclining [mortgage] rates seem to be luring at least some shoppers off the sidelines,\u201d reported Forbes<\/a>. So now might be a good time to start preparing your home for prospective buyers. Get our handy checklist here<\/a>.<\/p>\n\n\n\n

Timing<\/h2>\n\n\n\n

Familiar with the phrase \u201ctiming is everything?\u201d Well, spring and summer are typically the best times of year to sell a home, according to Bankrate<\/a>. During this period, the days are longer and the weather is warmer\u2014ideal circumstances for many house hunters.<\/p>\n\n\n\n

Another reason why more buyers search during these months? They want to be settled into their new home in time for the upcoming school year.<\/p>\n\n\n\n

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\"Woman<\/a>\n <\/div>\n
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Need some help with your new home search?<\/h4>\n

Contact one of our local experts!<\/p>\n

Learn more<\/a><\/p>\n <\/div>\n <\/div>\n<\/div>\n\n\n\n\n\n\n\n

If you decide to sell your home and want to start your search for a new one, visit <\/em>RichmondAmerican.com<\/em><\/a> to explore communities, floor plans and quick move-in options in your area.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There has been a lot of volatility in the housing market in recent years, but the pressures of the pandemic have slowly begun to ease, and you\u2019re considering listing your home for sale. Good news! Although some challenges remain, there are still many areas across the country where both the demand and pricing for homes remain strong. Read on for an update on the 2023 housing market.<\/p>\n","protected":false},"author":7,"featured_media":19873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[9],"tags":[157],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2023\/04\/HousingMarket.jpg","author_info":{"display_name":"Joe Warth","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/jwarth\/"},"yoast_head":"\r\n2023 Housing Market Update for Home Sellers - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"Thinking about selling your home? 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