We’re already over 6 months into 2023, meaning that summer is about to be in full bloom. The start of summer marks longer, warmer days and more activities to do throughout the country. While summer usually means more days in the sun, it also means that the real estate market is entering one of the more popular seasons.
If you’re someone who wants to sell their home or buy one, then it’s important to pay attention to what is going on in the world of real estate. Here are some of the biggest real estate trends for the summer of 2023 and what that means for the rest of the year.
Home Sales Are Slower
While the economy is trudging on, home sales continue to stay at a slow pace. Because of inflation, the increasing cost of homes and living, as well as historically high-interest rates, many people aren’t able to afford to purchase homes. With the forecast being grim in terms of interest rates and inflation, it’s not expected to pick up within the next few months. If you’re thinking of buying a home but aren’t in a particular hurry, we suggest chatting with a realtor or financial advisor on whether it’s better to wait or to purchase now.
Housing Supply Will Remain on the Lower End
There are many reasons why the supply of newly built homes isn’t moving as fast as the demand is. To start, the COVID-19 pandemic put a halt to an already slow housing development process.
Since the pandemic, since most, if not all, businesses across the world were forced to slow down production or stop altogether, companies have not been able to get up to speed after the shutdowns. Supply chain issues and economic woes have caused the development and construction of new homes across the country to move slowly. While this is expected to bounce back in the future, it is highly unlikely that the summer of 2023 is going to be the time.
The Housing Market Is Variable
It’s hard to tell what is going to happen with the real estate market because of how unpredictable the economy has been in the past few years. While some economists predict a recession, others aren’t so sure.
Unfortunately, because the housing market is so directly connected to the economy, we can really only hope for the best. This year, the market is predicted to remain variable, meaning that if you are thinking about buying or selling a home, do some research first and consult with an expert.
In Conclusion
Every situation is different, meaning that if you’re planning on buying a house or selling your current one, there is no blanket “right time.” Look into your finances and what the next few years hold in store for you. Additionally, ask yourself what you’d want to prioritize and what your goals are in terms of real estate. From there, work with a real estate agent who is skilled in selling or buying during troubled economies.
