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September 2023 Real Estate Market Update: Buy or Sell Now?
One of the most common questions we receive in real estate is, "How's the market?" It's an understandable question: the housing market is a complex system that can dictate both economic trends and personal decisions. So, what is happening in the real estate market as of September 2023? In this blog post, we will dive into the current state of affairs.
Firstly, we need to address low inventory. Currently, there are few homes on the market available for purchase. This puts sellers in a great position to sell their homes quickly and for a good price. However, for buyers, it means more competition and strategic planning to purchase a home. Buyers need to be aware of the competitiveness in the market. The good news is that despite low inventory, it's still a great time to buy or sell a home.
Another factor impacting the housing market is interest rates. Some buyers are waiting for rates to decrease, which has further reduced the amount of homes on the market. Many homeowners are locked into low-interest rates, so they are staying put and not selling. This perpetuates the low inventory issue, creating a seller's market.
We can compare the current market with years gone by. Looking back at 2017, 2018, and 2019, there were more active listings available for purchase than we see today. This lack of new listings entering the market has resulted in fewer homes being sold. It used to be that someone would sell a home every six years, but now we are seeing homeowners stay put for over nine years.
Despite these challenges, there are still great opportunities to buy or sell a home, but buyers and sellers need to be strategic and aware of market conditions. For sellers, it's essential to price your home competitively and work with a skilled real estate agent to maximize your sale. For buyers, it's about being prepared and working with an experienced agent that can help you navigate the market.
Inflation has been a hot topic in the media lately, but the good news is that the feds are reporting it's on its way down. While mortgage rates tend to follow changes in inflation, it may take months or even years for those effects to be felt. However, we may be seeing history repeat itself as we witnessed inflation spike over the past year and now it's beginning to cool down. According to projections from Fannie Mae, Mortgage Bankers Association, and the National Association of REALTORS, interest rates will likely decline by the end of this year and even more so into the next year. It's important to keep an eye on these trends if you're in the market for a mortgage or thinking of refinancing.
The September 2023 real estate market is challenging, but there are still great opportunities to buy or sell a home. While low inventory and high competition can make things more complicated, working with an experienced real estate agent can help you navigate the market and achieve your goals. Remember, buying or selling a home is a big decision, so be prepared, do your research, and work with someone who has your best interests at heart. Good luck!