What are the traits in the 2023 housing market?


Welcome back to our consumer confidential statement we all know it has been a wild couple of years for the housing market so if you're thinking about buying or selling in 2023 there's a lot that's really uncertain that's right so so here to answer some of our most asked questions Stephanie Burkin a real estate broker and president of our.

New York Stephanie good to see you yeah you're telling me I love being here first off we're going to get to some viewer questions in a sec but give us an overall view of the 2023 housing market what are the trends Okay so 2023 is going to bring back some normality some stability some much needed balance in the beginning of the year we're seeing a.

Lot of similar Trends as we did towards the end of last year there's this price disparity between what buyers who are willing to pay given the higher interest rates and what sellers are willing to accept so there's a little bit of a stalemate nobody's market right now homes are on the market for a little bit longer prices are coming down so for.

2023 sellers Priced Right a little under market and give a finished product buyers buy now really they're better deals less competition and I believe rates will drop by the end of the year and so buy now you can refinance later and you'll have security it's going to be busy exactly that's a good that's good advice all right so.

Let's get to our viewer questions we have some good ones this morning this one is Philip Chan in New York oh my wife and I are recently married first time home buyers looking to put down some roots and relocate from New York City to Washington DC she's an attorney and I'm a physician and we're both pretty overwhelmed.

Um where should we start that's a fair question so it is a really overwhelming process that's the whole thing so let me give you some tips and tricks and takeaways to sort of make it a little bit more organized your first stop mortgage broker they will give you an overall sense of affordability then you go to a real estate broker they will be.

On the grounds for you as your eyes and ears right they're your trusted advisor your masterful negotiator okay make sure that they are previewing property on your behalf so they'll tailor down the search until you get there and then until you get there research neighborhoods right find out what's important to you proximity to schools to.

Transportation crime and safety and as a physician ask about a physician's loan because up to a certain loan amount you can find Finance 95 to 100 percent reality that's a thing with the bank yes a physician's low Physician's loan so look into that and also negotiate without offending remember you're buying on the down when prices are a little bit.

Softer so take advantage and think about when you budget right also think about closing costs people forget yeah it's not just about the down payment and the monthly payments think about your closing costs and also try to have a little fun I know it's a big deal so try to have a little funness.

Pre-approved mortgage does that help at all yes you definitely want that's why you go to your mortgage broker first okay he'll give you he or she will give you a sense of overall affordability they'll give you a pre-approval so you're prepared when you go in for that okay definitely this uh next question is about downsizing this is Bruce and Susie.

Blackman here's their question okay we've been in our house for over 30 years now and we have made the difficult decision to downsize and sell we were wondering what we could do to get the most bang for our buck and what updates should we do before we actually put it on the market oh it's such a good question and I get this often so it's.

Really about two big things Price Right the price has to be right I think you should price a little bit under where the market is telling you to trade why because then you get people excited and interested and emotionally attached it's an emotional process it only takes two people who perceive that they're getting a deal because of where it's priced to.

Fight over and you get your bidding war okay the second thing is you want to present as finished a product as possible so go room by room declutter organize repaint stage less is more when it comes to reading your kitchen I mean you know when you go into your kitchen actually that's usually that's usually where people go to gauge how much work.

The entire home needs swap out those outdated appliances change up that kitchen hardware and a Fresh coat of paint on those cabinets was really really long way every real estate agent I know says less is more allow people to imagine themselves that's right right the more neutral a palette the better because then people can Envision their.

Own stuff yeah Stephanie okay thank you Stephanie appreciate it hey thanks for watching don't miss the Today show every weekday at 11 A.M Eastern 8 Pacific on our streaming Channel today all day to watch head to today.com all day or click the link right here

Sharing is caring!

3 thoughts on “What are the traits in the 2023 housing market?

Leave a Reply