Spring Selling Trends

Historically speaking, Springtime is known for a few things: cute baby animals, filing your taxes, and real estate transactions. In fact, the Spring selling season is usually so busy that sellers start prepping their homes weeks in advance so they can have the strongest listing possible to compete with other homes for sale. Will the 2023 Spring selling market be different than in year’s past? 

Quite Likely. 

In fact, experts describe the market as having “been on life support the past few months as high prices and rising mortgage interest rates had sidelined many would-be buyers. Sellers had little incentive to list when multiple-offer bidding wars gave way to necessary decreases in asking prices—especially when the next home they bought would have a higher mortgage rate.” It’s quite the mountain to climb as buyers feel frustrated and sellers face a seemingly impossible decision. 

What exactly might the Spring selling market look like? 

Industry professionals anticipate that there will continue to be a shortage of turn-key, move-in ready single family homes. Those are still selling faster than average and usually for above asking price. The homes that are taking longer to sell are your fixer uppers, ones that are dated or need updates, or simply lack curb appeal. 

The biggest issue is that it is currently 50% more expensive to buy a home than it was a year ago. This boxes out a lot of would-be buyers and makes the buyers still in the market a little more on-edge. 

It’s super important during this Spring selling madness to remain calm, work with a professional who can guide you through these murky waters, and to have grace and compassion for all involved. A little kindness will go a long way towards making a less than perfect situation better for all.