With the economic uncertainty in 2023, many people are curious about the state of the housing market. With the ongoing economic uncertainty, it’s natural to wonder how the real estate industry is faring. Let’s dive into the latest statistics on home sales in Q1 2023, examining trends and analyzing data to give you a clear picture of what’s happening in the housing market. Whether you’re a potential buyer, seller, or just curious about the state of the industry, this blog will provide you with valuable insights and information. With the economic uncertainty, you may want to consider a fast cash offer on your home.

Homes will stay on the market longer this year

In February of 2023, homes were already starting to stay on the market longer. In January, homes were staying on the market for as long as 75 days, up from a low of 30 days set in February of 2020. Homes are staying on the market longer for a wide variety of economic reasons:

  • It is harder for buyers to get approved for a mortgage because of higher interest rates.
  • With the home prices starting to settle, buyers are taking more time to decide on the home that they want.
  • Buyers are also able to request more from the seller, such as repairs and renovations, making the home stay on the market longer.

If you are finding that your house is taking a longer time to sell, you may want to consider a fast cash offer.

Sellers will have to settle for a lower price than what they thought

Many sellers are finding out that the house they were thinking about selling during the pandemic boom have actually dropped in terms of value. Across the country, it is anticipated that in 2023 housing prices could fall by as much as 5% in most areas. As of January 2023, the rate of home sales had declined for twelve consecutive months and prices had peaked. There are several reasons that the housing market is seeing home prices drop:

  • Buyers are being more selective about the homes that they are purchasing.
  • New home construction has slowed in some areas of the country.
  • In January of 2022, there was about a 2.9 month supply of homes on the market. Now, there is a 2.6 month supply of homes on the market. The supply of homes will likely drop further by the end of 2023.

If you are worried about your home not selling for your desired price, you may want to consider a fast cash offer on your home.

It’s taking longer for sellers to prep their home for the market

In 2023, it takes a seller about a month to prep their home for sale. This involves staging the home, getting tours set up, and finding the right real estate agent to work with. Some homeowners are delaying listing their home because they are waiting for the right conditions to open up to sell their home. Also, the higher cost of building materials for repairs may be extending the amount of time that the owners wait to put their home on the market. Here are some other driving factors:

  • More potential buyers are being pickier about home inspections.
  • In some markets, you may have to do more showings to sell your home.
  • Many buyers are requesting special add ons to their purchase, such as requesting listing fees, to be taken off the selling price.

If you think that selling your home will take you longer because of prep, you may want to sell your home for a fast cash offer.

How to sell your home quickly

If you are looking for a fast exit from your home, consider selling with Houston Capital Home Buyers. We will make you a fast cash offer on your home, letting you walk away with cash in as little as seven days.