Home price are cooling which could be a big break for homebuyers in 2023.

List prices dropped about 11% nationally in December 2022 while the number of properties for sale shot up more than 50% compared to a year ago, according to Realtor.com. So there may be more inventory to choose from this year.

Another benefit for buyers is that mortgage rates dipped from over 7% to the 6% range, after doubling during 2022.

There are more homes for sale now than there were, and still there are not enough to end the housing shortage. Currently there are 38.2% less available homes than in the years before the pandemic from 2017 to 2019. We aren’t back to “normal” yet.

Recession fears cause some would be buyers to put their house hunts on hold. That results in homes staying on the market for an average of 60 days or more which is much longer than during the last couple of years in the West Michigan area.

Those buyers who are still searching will find lower prices and stabilizing interest rates in 2023. Lenders are offering interest rate buy down programs which may appeal to some buyers.

So if you are in the market for a new home this could be the best time in the last couple years to buy. Contact us and we are happy to help. You can call or text.

Marilyn Tucker