Next year could be a total about-face for the real estate market, say some experts. Housing Wire predicts that lower mortgage rates and more demand could fuel the industry in 2023 if inflation continues to abate and the Federal Reserve eases back on increasing interest rates to curb spending. It’s a trend that’s been developing since late 2022 that has financial experts optimistic about the state of real estate in 2023 if things continue on the same trajectory.
But even with a good outlook for the full year, there is one month in particular that may be ideal for making an offer on a property if a good selection is your priority — you’ll want to hone in on the 31 days of March to make a deal.
“Everything is either coming on or is on the market for the spring,” Michael Franco, a broker with New York City brokerage Compass Real Estate, told U.S. News & World Report. However, you must be ready to act quickly this time of year since the market will be active with eager buyers.
If, on the other hand, you want to have a better chance of scoring a bargain, then you might want to hone in on August or December, when demand and prices are lower. “If someone listed their home in August or December, then they are truly serious about selling and either can’t afford to or don’t want to wait until the spring or fall when sales are busiest.”
There are other flexible parameters to keep in mind when choosing the right time to buy a house. For example, saving until you have a good down payment is key, as is keeping an eye on interest rates so you can take advantage of locking in the best option for a mortgage.
GOBankingRates has identified seven ideal places in the U.S. to shop for real estate when you are ready to buy a new home in 2023. The picks are based on climate, job opportunities, good schools and median home values. Among the top three are Myrtle Beach, South Carolina, Colorado Springs, Colorado and Atlanta.
More From GOBankingRates