Real Estate Market Update Q3 2023
So as we reflect on the third quarter of 2023 of the real estate market, what we noticed is that it was still a seller’s market. You still had bidding wars, but you still weren’t seeing what you saw last year, where if it was a nice property in the right area, well maintained, all the bells and whistles, then you’re getting more offers, but you’re not necessarily getting like 10-20 offers. Some homes were, but the average well maintained house in a desirable location that’s priced right may only get about five offers on it. There’s still competition, but not overabundance of competition to get that offer accepted, correct? And so also the homes that weren’t priced right, not in desirable area or they actually needed a lot more work, at least one of those characteristics was most likely leaving them in a position of not having a bidding war.
And so some buyers actually were getting offers accepted without competing, let alone also possibly even getting somewhat of a deal on those properties. And so it’s just good to keep in mind. And so what does it mean for the buyers and sellers for how it was and how it’s going? Well, it’s still a seller’s market, so if you need to sell, want to sell, it’s still a good time to sell. Even though it’s fall, you actually might get more of the serious buyers looking at your properties if it’s the fall and winter, right, doesn’t mean that you’re going to get less money for your home, especially because around this time a lot of sellers choose to hold off on selling.
So it was just a matter of the ratios, right? So you may have fewer sellers, but you also may have fewer buyers in the fall, but in the spring and summer you may have more buyers but you also may have more sellers. So it’s a matter of what preference is okay for you. If this timeline works for you, no sense of waiting until spring or summer when we don’t know what those interest rates are going to be and we don’t know how much inventory will be on the market. You know what you have now and if you already know that you want to move, whether that’s buying or selling, now is going to be the best time.
Now, if you’re a home buyer and due to the low inventory of homes on the market and you’re not seeing what you want, I mean, that’s one thing. But I would definitely not advantageously recommend that you hold off on buying due to the interest rates being higher because they can be a little higher. And if they go down, that means you’re going to have even more competition to get that home you want. And if there’s more competition, that also means more so that there’s fewer homes on the market so you could hold off and have a better interest rate. But if you don’t like what you see or you’re getting beat out every time.
How helpful is that to you? So, just to wrap up here, sellers, if you need to sell, want to sell, it’s still a good time to sell, even though we’re heading into the colder months. If you’re looking to buy, yes, interest rates are higher, but we don’t know where they’re going to be in the coming months. They could be higher, it could be lower, but either way, how you slice it, money is going to be spent more, either in interest rate or on the price, no matter how it moves, until we get more homes for sale than we do have buyers. And right now, say, the last several years, we haven’t seen that.
And it’s very uncertain if we will get to a point soon where we do have more sellers than buyers. So if you have any questions, please a comment below. Please share with anyone you think it’d be helpful to. And as always, close with Patrice.
This has been “Real Estate Market Update Q3 2023” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice.
Get your FREE listing consultation or buyer’s consultation to learn more about the buying and selling processes including more information on the closing and occupancy processes. Get the detailed latest housing report here.
You can also reach out to us if you want to get started with seeing if you’re in the right position to get pre-approved for a mortgage by connecting with one of our preferred lenders here.
Check out more home seller tips and home buyer tips to learn more on the home selling process and home buying process as well and feel free to reach out to us should you have any questions or concerns or want us to help you with your real estate needs at (248) 780-2518.
We are always happy to educate and help our clients through designing the right real estate solutions so they can live the life they desire.