Buying in 2023 Is it a good time to buy?

The last two years have been a whirlwind to say the least. We have seen the market sky rocket in more ways than one. The interest rates rose the highest they have been in the last 20 years. The home prices soared as well. It was hard to buy a home a year and two years ago because of the cash buyers, the multiple offers and the low inventory. This was a perfect storm for disappointment as a buyer in 2020, 2021 and the first half of 2022.

The good news is if you waited it out 2023 may be your year to purchase. The interest rates are leveling back out and coming down. The inventory is up, the home prices are still rising but at a slower rate. In a normal market the prices usually increase 5%-8%. In the Northwest Arkansas area we had a 21% increase in 2022, however we see that coming back down in the single digits in 2023.

If you are looking at new construction you may experience an extreme buyers market in 2023. The new home inventory is sitting, not moving as fast and the builders are wanting these homes sold. We are seeing here in the NWA area $10k-$15k price drops, seller concessions and interest rate buy downs being offered to buyers.

This may be hard to believe but I am seeing this across our area and until some of the inventory has been saturated we will continue to see these amazing benefits for our buyers.

If you are on the fence about buying this year please reach out to a local expert in your area so you can better understand what great opportunities are out there for you as a buyer!

Sellers don’t fret, we are still seeing an influx of buyers coming to our area with no real slow down insight anytime soon. So if you partner with an expert that can guide you to price your home competitively and follow simple and easy steps that will get your home to stand out you will have no problem selling your home at all in 2023!