Dave (00:04):

Hey there everyone! Dave Barlow here with Sell For One Percent Realtors and it’s a glorious winter season. I hope you guys had a good Christmas. Did Santa bring you everything you wanted there, Mike? 

Mike (00:23)

Always does, man. Santa’s the man. Ask and you shall receive.

Dave (00:24):

Jaimerinski?

Jaime (00:27):

Yeah, it was a very good time. 

Dave (00:31):

Did your cat get anything good for Christmas?

Jaime (00:38):

Got a lot of this!

Dave (00:40)

What’s that?

Jaime (00:41):

It’s Catnip. It’s not illicit drugs.

Dave (00:49):

Try to keep that cat under control.

Jaime (00:51):

Yeah. Trying to knock him out with a little catnip.

Dave 00:59):

That’s good stuff. Anyway, I wanted to wish everybody a Happy New Year. We got the big game coming up on New Year’s Eve. Ohio State, taking on No. 1 Georgia. I know that we’ll all be glued to the TV set watching that ball game. 

I wanted to talk a little bit about what we are expecting for 2023 as we head into the new year. I’ll save my comments for last. I’ll let you guys talk about where you think housing prices will go, if they’re going to go up, down, or just the same. What do you think about interest rates and just the overall market expectations for 2023? Jaimerinski, I will start off with you.

Jaime (01:55):

Well, I am using a lot of props here. The bull.

Dave (02:05):

Ooh, you’re bullish.

Jaime (02:07):

I’m bullish. At least from what I’ve been seeing, there’s a lot of properties where if you’re in a bare market, you wouldn’t be going for the list price. I think interest rates have dipped here a little bit. Our trustworthy government’s predicting that it’s going to keep going a little bit down here into the first, second, third quarter of the new year. I think this physical asset that is real estate and investment that you can live in, it’s hard to shake that from being a good investment as more and more people kind of pour into Columbus and more jobs are coming up here. So I think we are well positioned in Columbus with our prices, population growth and interest rates coming down a little bit. So I’m bullish. I think it’s going to be a good year.

Dave (03:14):

All right. Mike, what do you think?

Mike (03:16):

I’m in line with Jamie. I think there’s a lot of opportunity for buyers who have been pushed out of the market for the past four years. Even though interest rates were low, you get a lot of people who couldn’t buy because they weren’t going to bring $50,000 out of their pocket to cover an appraisal gap. Well, the market has shifted quite a bit. What I’ve noticed in the past four months is that I’ve gotten remedies back in my offers, I’ve put a lot of deals back that were around $20,000 under list price. I think the market’s going to heal a little bit from the buyer’s perspective. I think there’s going to be a lot of great opportunities if you haven’t been able to buy. 

Interest rates are much higher than they were, but if you can buy a property for a reasonable price at a lower price point than what it was two years ago, you don’t have to fight with 15 other people to buy it. You can keep all of your rights in your contract and you have a comfortable monthly payment. It sounds like a win-win for everybody. If rates go back down, you have the opportunity to refi anyway. 

I think there’s a lot of opportunity. I think we’re going to hit the ground running. Inventories at a higher clip right now than it has been in the past three years, at the same point I expect that to go up. 

Also, just to touch on what Jamie said, Columbus is growing at an astounding rate. We have a lot of large businesses that have their corporate offices here. People are going to continue to move here. Things are looking good, lots of infrastructure being built. It’s a great time to buy,

Jaime (04:49):

Date the rate, marry the house as they say. The rates will change, but the house is what it is. 

Dave (04:55):

Well there’s a lot of things about not necessarily a house but a home. A house is probably something you rent; a home is something that you buy. 

I sell lots of houses and usually the tougher ones to sell are those sellers whose homes are where their babies grew up in, they went to school in, went to high school, their first prom, their first date, etc. Those are the memories that you build when you buy a home. I think that we’re seeing a little bit of a transition. 

I had a lot of buyers that couldn’t even get into the bidding war because they didn’t have $50,000 cash in their bank account. Those are the ones that are sitting on the sideline because they knew what they could buy for the interest rate a year ago. Around 50,000 people move into Columbus every year, and I think that pace will probably pick up as intel and some of these other companies move-in. 

Everywhere you look, Ohio is evolving. Have you seen that hospital that they’re building for Ohio State? If you’re coming from north headed south to downtown, the curve looks right at that hospital and it looks like something out of Star Wars. It’s unbelievably large. 

Mike (06:59):

You have the whole cardiology massive building that they built at Riverside Methodist too. 

Dave (07:07):

I’ve got a friend who can’t build apartment buildings fast enough. As soon as he starts building them, they start leasing him and next thing you know, it’s fully leased by the time they get it completed. So I think the market itself is going to continue to be very good. It’s not going to be off the hook like it was last March where you put a house on the market, you got 80 showings, 20 offers and it sells for $50,000 over. 

Another thing that I heard from a friend of mine is that the price of gravel is through the roof. They can’t get enough gravel out to the Intel plant. Even if you order a load of gravel, which is X dollars per ton, you can’t even get the gravel delivered, in a reasonable amount of time. Even if you are able to get it, the prices are through the roof. 

I think like you guys, interest rates are probably going to hold steady, maybe go down a little bit. I think prices are going to probably level a little bit, but I think we’ll still see around 6% appreciation in values in some of the hotter neighborhoods. It’s going to be a good year for us as real estate agents to help people buy and sell. So I’m looking forward to 2023. I think it’s going to be a great year.

All right guys. I appreciate your time. Thanks!

The post Video- Market Predictions for 2023 appeared first on sellfor1percent.

In this blog, we will provide an overview of the housing market for 2023 and discuss the factors that will affect it. We will also provide an analysis of the home prices forecast, investment strategies for the housing market in 2023, mortgage trends for this year and advice for both home buyers and home sellers for navigating the process. So, if you’re looking to buy or sell a home in 2023, this blog will provide you with valuable insights into the housing market.

Introduction to the housing market in 2023

The housing market in 2023 is expected to be drastically different from what we have seen in previous years. The Covid-19 pandemic has had a major impact on the real estate sector, with home prices and mortgage rates fluctuating significantly. Sellers were making record profits selling their homes while buyers were spending quite a bit more than before. Despite the uncertainty, many experts are predicting that the housing market in 2023 will be stable and will be a good time to buy or sell a home.

In 2023, the housing market will be shaped by the economic recovery from the pandemic, the availability of housing inventory, the current mortgage rate trends and the impact of new technology on the industry. Inventory levels have already risen in the past 3 months making the process less stressful for buyers and sellers have been seeing a fairer price for their homes. It is important to be aware of these factors and how they will affect the housing market in order to prepare for the coming years.

Factors that will affect the housing market in 2023

The economic recovery from the pandemic is one of the most important factors that will affect the housing market this year. the current mortgage rate trends will also have an impact on the housing market in 2023. With mortgage rates still coming down from their height in April of this year it is likely that they will come down into the 5% rage later this year. This will make it easier for buyers to afford a home and will create more competition in the market.

Futhermore, the impact of new technology on the housing market in 2023 cannot be ignored. With technology continuing to advance, it is likely that more automation and AI-based tools will be used in the real estate industry. This will make it easier for buyers and sellers to access information and make informed decisions about their home purchases. Here at Sell for 1 Percent we have been on the forefront of these changes for the last decade, educating ourselves on new technologies and utilizing them for our client’s best interest. To read more about how we can charge just 1% commission for our full-service brokerage click here!

Home prices forecast for 2023

Looking at the current market trends, it is likely that home prices will continue to rise in 2023. According to experts, home prices are expected to increase by 2-4%. This will likely be driven by an increase in demand for housing due to the economic recovery and a shortage of available homes. Though, is this also partially due to the steady rise in house prices throughout the years. In 2008 the median home price in central Ohio was around $180,000, while today it is closer to $340,000. However, it is important to keep in mind that this is only a forecast and the actual home prices in 2023 may be higher or lower than what is being estimated.

What to expect from the housing market in 2023

The housing market is expected to be stable and favorable for both buyers and sellers this year. With the economy continuing to recover from the pandemic, home prices are likely to continue to rise and there will be more competition in the market. This market will not see housing prices like they were in 2020 or 2021 but as the numbers become more realistic buyers will have a greater chance of being able to buy and sellers will be more likely to accept request to remedies and help out with down payments or closing costs.

It is also important to note that the effects of the pandemic are still being felt in the housing market. The housing industry is still adjusting to the changes brought on by the pandemic and it is likely that this adjustment period will continue into 2023. This means that the housing market in 2023 can be dynamic and unpredictable. Here in Ohio it is looking stable for the time being making it a perfect time for first-time home buyers to get into the market and for sellers to still be able to make a profit.

Investing in the housing market in 2023

Investing in the housing market in 2023 can be a great way to make money and increase your wealth. With home prices expected to rise in the coming years, now is a good time to invest in real estate.

One of the best ways to invest in the housing market in 2023 is to buy rental properties. Rental properties provide a steady stream of income and can be a great way to build wealth. You can also invest in real estate investment trusts, which are companies that invest in real estate and generate income from rental properties.

It is also important to note that investing in the housing market in 2023 is not without its risks. Before investing, it is important to do your research and understand the risks involved. It is also important to consult a financial advisor to make sure that your investments are aligned with your financial goals.

Mortgage trends in 2023

Mortgage rates in 2023 are expected to continue to drop, making it easier for buyers to purchase a home. According to experts, the average mortgage rate in 2023 is expected to be around 5%. This is lower than the peak mortgage rate we just saw this past April of 7%.

Mortgage rates in 2023 will also be impacted by the economic recovery from the pandemic. The high rates deterred buyers from getting into the market so drastically that as the Fed continues to increase the housing market will reflect the market, lower rates leading to more buyers leading to higher prices. For the time being, lower mortgage rates will make it easier for buyers to purchase a home and will create more competition in the market.

Strategies to prepare for the housing market in 2023

If you are looking to buy or sell a home in 2023, it is important to prepare for the coming year. Here are some strategies to help you prepare for the housing market in 2023:

• Start saving now: Start saving money now so that you have enough for a down payment when it comes time to buy a home.
• Get pre-approved for a mortgage: Getting pre-approved for a mortgage will give you an edge when it comes to buying a home.
• Research the market: Research the housing market in your area to get an idea of home prices and the competition in the market.
• Get a professional home inspection: Before buying a home, it is important to get a professional home inspection to make sure there are no underlying issues with the property.
• Find a good real estate agent: Finding a good real estate agent who is knowledgeable about the local market will help you make informed decisions about your home purchase or sale. We would love to help, give us a call at (614) 451-6616 for a hassle-free consultation and professional tips for selling or buying a home.

Advice for home buyers in 2023

If you are looking to buy a home in 2023, here are some tips to help you make an informed decision:

• Know your budget: Before you start looking for a home, it is important to know what you can afford.
• Research the market: Research the housing market in your area to get an idea of home prices and the competition in the market.
• Get pre-approved for a mortgage: Getting pre-approved for a mortgage  is one of the most important parts of buying a home. Being pre-approved makes you more competitive in the market and sellers more likely to accept your offer.
• Get a professional home inspection: Before buying a home, it is important to get a professional home inspection to make sure there are no underlying issues with the property. If there are, this is a great time to negotiate with sellers and they are more likely to accept your terms and either fix or allot money to fix the issues found.

Advice for home sellers in 2023

If you are looking to sell your home in 2023, here are some tips to help you make an informed decision:

• Price your home correctly: Before you put your home on the market, make sure you price it correctly. Houses that are over-priced will sit while houses that are underpriced will snub your profits.
• Stage your home: Staging your home will help it stand out in the market both in person and in photos and will also attract more buyers.
• Make necessary repairs: Make any necessary repairs to your home before putting it on the market, that way you will get the most money possible.
• Hire a good real estate agent: Hiring a good real estate agent who is knowledgeable about the local market will help you get the best price for your home.
• Market your home: Make sure you market your home to the right audience in order to get the most exposure, a good real estate agent will help with this.

The housing market in 2023 is expected to be stable and favorable for both buyers and sellers. With the economy continuing to recover from the pandemic, home prices are likely to continue to rise and there will be more competition in the market. It is important to be aware of the factors that will affect the housing market in 2023 in order to prepare for the coming years.

If you are looking to buy or sell a home in 2023, it is important to start preparing now. Make sure you do your research, get pre-approved for a mortgage, find a good real estate agent, and make any necessary repairs before putting your home on the market. By taking the time to prepare now, you will be in a better position to take advantage of the opportunities in the housing market in 2023. Call us today to see how you can prepare yourself for purchasing a home or how you can prepare your home to make the most money possible.

The post Prepare Now: What to Expect from the Housing Market in 2023! appeared first on sellfor1percent.

In this article we will walk through some of the surprising statistics found when working in this housing market to help you get a fairer perspective while you navigate these unusual times.

1. Active went up 36%

Great news for buyers, as of October 2022 homes listed on the Multiple Listing Service (MLS) as active went up 36% compared to 2021. Why is this great news for buyers? This means that houses are staying on the market for a longer period of time, therefore buyers can take their time while looking for their perfect home. In recent years buyers have been scrambling to get into a house, pressured to offer much more than the asking price and do it quickly. Panic buying is real, luckily buyers can now breathe, think through this huge decision and avoid buyer’s remorse.

2. 31% were first-time home buyers

31% of the buyers in 2021 were first-time home buyers, this is great news for the economy. What’s even better news for these buyers is that the average down payment percentage for first timers has stayed pretty much the same since 2018. In a world where everything is becoming more and more expensive, daily it seems, these buyers have been consistently putting down 6-7% of the homes purchase price for the last 4 years.

3. Looked for average of 10 weeks

Home buyers in the current market looked for a home for an average of 10 weeks. In 2020 and 2021 the average home search took around 8 weeks. The 2 week increase for this year is a sign that the market is calming down, which gives home buyers a greater chance to find the home of their dreams.

4. 43% Millennial Buyers

The largest demographic of home buyers over the past few years has been Millennials and 2021 was no different. With a staggering 43% of all home sales being with a Millennial buyer it is clear that this generation has the most buying power in the market and they’re not afraid to use it!

5. Buyers paid the entire asking price

Home buyers in 2022 on average paid the entire asking price of the house they wrote an offer on, with 28% paying over asking price. This is a promising decline from the 2021 peak of 39% of homes sold for over asking. Homes are becoming more affordable for buyers.

6. Median price decreased 1.3%

June 2022 was shown to be the peak of home sale prices in the United States. A new all-time high record for median home price hit at $450,000, compared to the median in June of 2021 at a little over $380,000. Since June, the Case-Shiller Index indicted that as of August 2022 the median has decreased 1.3% and if predictions are correct, they will continue to lower giving more buyers opportunities to get into a new home.

7. Median income of first-time home buyers

In 2021 the NAR showed that the median household income of first-time home buyers was $86,500. This is great news; this means that more of the middle class is making moves to become financially stable long-term by investing in equitable assets.

8. April with a 29% increase in listings

If you are feeling nervous about the sale of your home, know that April is the most active month to sell your home. Realtor.com shows that there is a 29% increase in listings during the month of April and on average homes sell for more money. Keep this in mind when you are looking to sell your home and buy your next one.

9. 67% of sellers appeased their buyers

In an article from Realtor.com a survey of home sellers showed that within the last year the percentage of sellers willing to do repairs for the buyer doubled. With only 31% of sellers willing to put in the time, money and work for their buyers last year, while this year shows that nearly 67% of sellers appeased their buyers request to remedy. Knowing this, home buyers should consider what to settle for and what to negotiate when it comes to repairs. You miss 100% of the shots you don’t take as Michael Jordan says.

10. Average cost of a home has increased by $46,700

Good news for Sellers, the average cost of a home has increased by $46,700. Meaning, though the percentage of homes selling for over asking price has decreased in this past year your home is innately worth more. The median home price in 2022 is now $357,300.

11. Most typical houses sold

Are you concerned that your house isn’t large enough or too old for desire on the market? Think again, according to recent homes sales the most typical houses sold were 3 beds, 2 baths, 1,900 sq ft and built in 1993.

12. Ohio; #1 most affordable

Ohio has been getting a lot of flak on social media recently, people wondering how they ended up here or why they stay. Here’s the scoop; based on the cost of living and affordability of housing, Ohio is the #1 most affordable state to live in. Oklahoma came in 2nd place to Ohio while Alaska, California, Hawaii, Massachusetts and Oregon were deemed the least affordable states. So take that, non-ohioans!

13. Median listing price 13% increase

Since last year the median listing price of homes has increased by 13% which is great for sellers but not so great for buyers. Don’t worry though, signs show that this increase is plateauing, so don’t be afraid that you’ve missed the boat on affordable housing.

14. 18% of all home buyers were female

Going over the demographics of home buyers in the year 2021, it showed that 18% of all home buyers in that year were single females. Talk about women empowerment!

15.  29% agree saving was the hardest part

First-time home buyers are making their way through this market. When asked what the most difficult aspect of buying a home is, 29% of people said that it was saving for the down payment. If you are struggling with trying to save money for a down payment, give your agent a call. With plenty of avenues to take to become a homeowner there are a good number of workarounds and loans that will lower the amount of money you need to bring to the table for a down payment.

16. Projected decline of 7.6% in home prices

Still feeling reserved when it comes to purchasing a house? If so, this last statistic will be music to your ears! According to research done by the analysts at Goldman Sachs, they are predicting that home prices are going to drop here shortly. They are expecting a 5%-10% drop with their official forecast model projecting a decline of 7.6% in home prices. As a buyer, if you have been waiting for your time to buy, your patience is soon going to pay off.

We will continue to look for statistics that are interesting and helpful for buyers and sellers as we navigate the unprecedented aftermath of the COVID-19 pandemic. Overall, the housing market seems to be evening itself out for both sellers and buyers; Housing prices are coming down to reasonable rates while still maintaining equity growth. Here in 2023, with the NAR reports of 2022, we will be able to further inspect the impacts of the economy on the housing market and will be reporting how buyers and sellers can use this novel information for their own benefits.

Whether you are buying or selling a home, the realtors here at Sell for 1 Percent are always on the cutting edge of market trends and have proficiency of beneficial information to help you save money by keeping it in your own pockets. If any of these statistics surprised you, intrigued you or even if you just want to talk, please feel free to give us a call!

The post 16 Home Buying Statistics You Will Want to Know for 2023 appeared first on sellfor1percent.