The 2023 Real Estate Market

Buying & Selling in 2023

During the holidays we were often asked “Are you still busy selling homes?” we would reply “In December we’re preparing our clients who are planning to sell or purchase in the new year!” Despite the harsh early winter weather, we know that many Minnesotans are considering a move. Like most years, we anticipate lots more activity shortly after the Super Bowl! Perhaps after the Vikings Victory Celebration!

This real estate market can be safely navigated for both sellers and Buyers, but it’s quite different than the market a year ago.  Despite the changes in the economy that will effect our market, you can be successful in achieving your goals if you follow a plan suggested by an experienced Realtor.

How has the market changed?

Overall, in most market areas homes were still achieving selling during the October to December quarter at about 5% of a year ago. The biggest factor helping sellers is the low supply of homes available; near record low levels. However, buyers are being more cautious, focusing their search on homes in excellent condition so preparation is critical. Interest rates dropped slightly end of  year, but are still nearly double a year ago. Many buyers have had to reduce the price at which they can purchase. In a fast changing market we must use selling information  from just the past few weeks, not months ago to determine fair market value.

I’m ready to make a move, where do I start?

We advise any buyer who is considering a 2023 purchase to begin an application with an experienced lender who can give you all possible options for financing including the availability of down payment assistance. Even though there may not be the intensity of last year’s market, the sellers will be especially careful to accept offers from completely pre-approved buyers. As your realtor, we can refer you to lenders who have proven track records with our past clients who achieved their goals! You can also be successful!

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We’re taking appointments now for home visits and consultations! Let’s have a coffee together soon!