Real Estate Review |
What Are the Experts Saying About the Spring 2023 Housing Market?
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.
Take a look at what the industry experts are saying right now about the spring housing market and what it means for you:
Selma Hepp, Chief Economist, CoreLogic:
“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”
Greg McBride, Chief Financial Analyst, Bankrate:
“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”
Rick Sharga, Founder and CEO, CJ Patrick Company:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
Jeff Tucker, Senior Economist, Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”
Active Listings in Alexandria VA
Take a look at the inventory of homes in Alexandria VA over the past two years:
Use your mouse to hover over the interactive chart above. As you can see, we're entering the spring market with an inventory of homes in March 2023 4.1% higher than March of last year. But in looking at the overall trend, you can easily see how the inventory levels in Alexandria VA are nowhere near what they were in 2021. This goes to Jeff Tucker's point where you can expect to see buyers competing, simply because there's not a lot of homes to choose from in the market.
Bottom Line
If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your local real estate professional for the best advice. Whatever your plans, let’s connect to make sure you’re able to navigate the spring housing market with confidence.
