Should You Buy or Sell a Home Right Now? What to Know in 2023

After 2022’s high interest rates and wild home prices, you’re anxious for a light at the end of the real estate market tunnel. 

Deciding if you should buy or sell a home right now is an incredibly personal decision, and in the current market it isn’t one to be taken lightly. 

But how do you decide if it’s time to take the plunge?

With all the factors to consider in buying or selling a home, you need professional, expert advice that will ensure you have the best real estate experience possible. Read on to get the inside scoop on buying and selling from an agent with true expertise!

What’s Going on With the Market Right Now?

A potential home buyer or seller may look at the current real estate market and be extremely hesitant to jump in. With the wildly fluctuating interest rates, increasing home prices, and fears of a housing crash, you’re thinking this year will be the time to sit back and wait. 

But waiting might actually be the last thing you want to do. 

Despite the ups and downs, the real estate market (particularly for the DC, Maryland, and Northern Virginia area) has a ton of potential for savvy buyers and sellers. 

Mortgage rates, while higher than average, appear to be stabilizing. 

Low inventory is pushing prices up, without the highs seen during the pandemic. 

And, thankfully, a housing market crash is not on the horizon. 

A real estate move at this moment could be an extremely wise investment. 

Is It a Good Time to Buy a Home?

We are currently in a seller’s market, as limited inventory means homes are getting snapped up quickly, and buyers are returning to non-contingent offers and even bidding wars. 

Home prices have only slightly dropped from their pandemic high, despite higher than average mortgage rates, leading to homes sitting on the market longer. As a buyer, you have more power to negotiate on homes that haven’t sold yet. 

This trend continues in some new construction, as well, with builders offering incentives to ensure their new builds don’t remain unsold. 

Buyers may also receive incentives on new mortgages. The combination of higher interest rates and lower inventory means fewer mortgage applications, and it’s in the best interest of lending companies to attract potential business. This is an amazing opportunity for you to score never-before-offered mortgage lending incentives!

Motivated buyers, keep your eyes peeled for the right home to come on the market. Refinancing is always an option, but finding that once-in-a-lifetime home again probably isn’t!

Is It a Good Time to Sell a Home?

If you’re considering selling your home this year, now is the time! 

The demand for housing is increasing, but inventory is not. The lack of properties currently on the market will inspire savvy buyers to make offers on the perfect home. Listing your home with less competition can inspire those desirable non-contingent offers. 

Despite nationwide downturn in the real estate market, in the DC area we are still seeing high demand and even bidding wars on ideal properties. 

Since the downward trend in interest rates may not last, don’t miss this opportunity to take advantage of this area’s strong economy, mortgage incentives, and renewed buyer interest. 

Enter the Market With Confidence

Whether you’re a buyer or a seller, the current real estate market may have you putting off your plans. Gone is the easy decision-making of the early pandemic, when it was almost criminal not to take advantage of the opportunities!

But real estate is constantly changing, and even with the current climate there are pockets of opportunities savvy buyers and sellers use to their advantage. 

Start by reaching out to an experienced, professional agent with excellent off-property connections. Receive a private consultation, and watch as your concerns about the market are erased!