Housing Market Update Q2 2023 Be sure to subscribe to her YouTube channel for all of your real estate tips, home tours and advice!
Here’s your quarter 2 2023 real Estate housing market update for Michigan we’re essentially still in strong sellers market and so homes that are reasonably priced in a desirable location and are in good condition are for the most part getting bidding wars or we’re expecting those homes to have bidding wars when listed for those properties. And then homes that don’t meet all or some of that criteria, they are typically staying on the market for a little bit longer in to sell. So what does this mean for buyers and sellers? Well, for buyers this means that if you’re looking for a home that meets all of those criteria, then just expect that you’re going to most likely have to still compete for that home in order to get your offer accepted.
But if you’re not willing or prepared to do that, then you probably really want to strongly consider buying a home that may need some work over time. Maybe you get a location that’s not as hot, but if you do those things you’ll probably have less competition or you’ll get your offer accepted and possibly get a discount on the next home. People that are looking to sell their home or are thinking about it now is probably going to be the best time for you to do so. The weather is still good and it’s still a strong seller’s market. So it’s not a guarantee with everything going on that you’ll still be able to take advantage of the equity that you currently have in your home if you wait a little bit longer to sell your home.
Now if you need to sell and buy your next home, this might be the right time. It’s not a guarantee. I’ve been hearing since 2016 that the market may shift more into a buyer’s market, but every year it’s been a strong seller’s market. But with everything that’s going on with the economy, there is a possibility, strong possibility, that when they increase these interest rates again, it will get better for buyers. So this could be the ideal time for you to go ahead and sell your home, get the most you can out of the equity that you have and sell your home fast and then go ahead and buy your next home.
And worst case scenario, even if it’s still a strong seller’s market, the market you’re selling in is going to be also the market that you buy in. So do you want to put yourself in a position to sell high with the possibility of buying low or do you want to sell low and possibly have more complication with your transactions just so you can get the next home at a possibly better deal? So that’s something that sellers and buyers need to think about. But the reality is, I’ve been hearing about the market shifting since 2016, and so I think it’s time that buyers really consider that maybe it’s time to think about buying a home on a personal side more than as an investment side.
Because the reality is, it’s not like you can go ahead and buy the home you want any time of the year, right? So if a home that you like really becomes available for sale, then you can’t say, “okay, I’m going to buy that property, but it’s going to be three years from now because I’ll get a better interest rate, or the price will be lower,” that’s just not realistic. And so if you see a home that you like now, and you could see yourself living there for five years, and you’re really ready to buy it, meaning that your credit is where it needs to be, that you have the funds to close or you have the down payment assistance program in place that will help you with the funds to close and that your income is coming in the way that you want it to. Then you’re ready to buy. And you see a home you like, it’s time for you to buy.
Because if you’re going to live there for five years, that’s going to be probably the home that you really want. And again, you won’t find it later, or it might be a lot later. And that exact home may be in a different condition if you wait until the owner sells it later or the new owner sells it later. So that’s basically what I just want to discuss here. If you have any questions, please leave a comment below.
Please share with anyone you think it’d be helpful to. And if you want to get more detailed information, definitely go to my website, designedlivingare.com. I’ll have the updated housing report there under the Selling a home and Home buying a Home option if you just click on Housing report. And as always, close with Patrice.
This has been “Housing Market Update Q2 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.