We have all been through the pandemic and how the trends have shaped us today. The housing trends of 2023 are very different than what they were in 2021! During the pandemic we had historically low interest rates. There were bidding wars over homes and it was very hard to find a home and bid on it fast enough! Everyone was moving to get more “working space” for everyone! As we have started 2023, things are definitely changing. What trends are we going to be seeing as we move forward?
Trends of 2023
- Location Can Be Chosen
Almost have of Americans are now working out of their homes, so location is not the traditional of living near work. People now have more choice than ever to choose where they want to live! Weather the choice is based on cost of living closer to family, environment, or whatever we feel like-the choice is now more tangible! - Building an Emergency Fund
Putting away money for the future has always been important and this trend will continue. Putting money away for emergencies, vacations, new car, or down payment on a home will allow us to reach our goals faster and become more responsible with our money. It is a matter of putting our goals into priorities and following through on what is important to us. - Single Family Homes
Single family homes will continue to be where the main market is in residential real estate. Condominiums, town homes, and starter homes is predicted be on the way up this year. Older millennial’s will be moving up to bigger homes as the younger millennial’s will buy their first home. - Pre-Construction
Getting in on the ground floor before a house is built or even at the development of an area begins makes cost cheaper as far as buying the land and even labor costs. This year many areas have lower labor and land costs that will attract buyers to building in newly developed areas. - More Inventory
Since interest rates are a lot higher now, the people in the market for homes has dropped. Inventory of homes is rising since homes are not selling at the same rate. So the good news is that finding your dream home is easier. The flip side is that affording that dream home is not as easy!
Every year the real estate market brings us new obstacles and new ideas. We will all adjust to the “news” of the housing trends of 2023. If you would like to see how buying or selling a home will fit into your life in 2023, please give me a call!