"Spring Housing Market 2023: A Sweet Spot for Sellers" - What the Experts Are Saying

Spring Home Selling 2023 Los Angeles

Timing is essential and personal when you consider selling your home, and it is critical to consider both the financial and emotional ramifications. Despite the economic turbulence, there is still a greater demand than available homes, making it a seller's market. Because of the low inventory, you'll also have a higher chance of making a significant profit due to the rapid home price rise in the last few years.

Real Estate Market Overview and Expert Opinion:

Fannie Mae's March 2023 Home Purchase Sentiment Index: more than half of respondents think the current market is favorable for selling.

Jeff Tucker, Senior Economist, Zillow:

“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers will see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”

Rick Sharga, Founder, and CEO, CJ Patrick Company:

“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down gradually if they decline this year.” 

We're still in a sellers' market since there are more properties for sale than before the pandemic but fewer than in the previous year. For the housing market to satisfy the demand of today's purchasers, more homes must be available for sale. 

Limited supply

Home prices may have been negatively impacted by the unexpected decline in demand when higher mortgage rates drove prospective purchasers away. Nevertheless, over 33% below pre-pandemic levels, a lack of supply has contributed to prices remaining at or close to recent highs. Low inventory would only sometimes cause excitement, but in the current market, it's one of the things that has kept things stable.

Home Seller’s Equity Is Substantial

Sellers who believe they missed their chance to achieve peak pricing might need to see the big picture. S&P/Case-Shiller reports that median home prices nationwide are up 39% over pre-pandemic levels. Most sellers should still see an excellent return on their investment. People are sitting on tons of equity. 33% of the homeowners in California own their home free and clear, according to Ocregister.com. According to ATTOM data, 38.7% of homeowners in America own their homes free and clear, and 29.4% of mortgaged homes have more than 50% equity.

Homes Are Selling Fast

Due to a lack of inventory, homes are selling fast. According to Redfin Data, Some homes get multiple offers. The average home sells for 1% less than the asking amount and goes pending in 50 days. Houses that are well-priced with great floor plans can go pending in approximately 24 days and sell for roughly 3% more than the asking price.

Tackle the challenges and make an informed decision. 

The market is excellent for home sellers, but overcoming potential obstacles can be difficult. When seeking a new home, you might be concerned about interest rates or need to decide whether to sell your existing home or purchase a recent one first. Additionally, you could be uncertain about HELOCs, bridge loans, and your best course of action.

We can help with that! We'll listen to your needs, give you expert guidance, and customize our approach to your unique situation so you can make the best decision for your future. We'd like to guide you through every step of the home-selling process.

To maximize profits and expedite the sales process, consider the following tips for preparing your home for sale:

The Importance of Pre-Sale Home Inspections: Build Trust & Confidence with Buyers

Conducting a pre-sale home inspection is crucial for a smooth selling process. You establish trust with potential buyers by being transparent about your home's condition. A thorough inspection allows you to identify and fix any existing issues before listing your property. This proactive approach helps avoid surprises and showcases your commitment to providing a quality home, ultimately leading to a more confident and booming sale.

Declutter and depersonalize: A clean and organized home will appear more spacious and inviting to potential buyers. People can’t see themselves living in your home if your family photos are hanging or there are too many items. 

Curb appeal: It is the first thing buyers see when they drive up to the property, and they immediately start assessing. Homes with an appealing exteriors can add to their overall value. Therefore, it is essential to power wash, mow the lawn, change the address numbers, change or paint the front door, add light fixtures, add flower boxes, add color to make it inviting,

Conclusion: Selling your home doesn't have to be a stressful experience. By partnering with us, conducting a thorough pre-sale home inspection, and understanding your options, you can navigate the challenges and enjoy a successful, profitable sale. Remember, informed decisions and transparency are vital to building trust with buyers and maximizing your home's potential. Turn your home-selling journey into a rewarding and positive experience.