What’s Really Going on

in the 2023 Spring Housing Market?

I’m going to share 3 things you need to know about what’s going on in the real estate housing market this spring.

First, I’ve said this before and I’m going to keep saying it until I’m blue in the face; stop listening to national real estate news. What’s going on nationally isn’t what’s necessarily happening here in the midwest. (If you hail from somewhere other than the midwest, make sure you’re also absorbing real estate news local to your area.) With that being said, some things remain consistent regardless of area, such as low inventory, but we are not seeing plummeting prices in the KS/MO area.

So, what are we seeing?

  1. Interest rates are having a big effect on the market. Homeowners with very low interest rates are not wanting to sell with the knowledge that their new interest rate will be in the 6s. The ‘nice to have’ buyers that really don’t have to make a move are staying put. This is keeping inventory extremely low.

  2. Even with low inventory, houses are spending more days on the market than last year. With that being said, we are starting to see multiple offers again above asking price. The ‘good’ houses that stand out from the others are going quickly.

  3. Home prices are NOT crashing like the national news likes to report. Yes, in some places that had huge booms, those prices are not sustainable and therefore we are seeing some declines in home prices. For example, cities like Los Angeles, Anaheim, Boise, Austin, to name a few.

I think the most important thing to take away from this information is that it’s still a good time to sell! If you can hit the market strong, such as the right price, good listing photos, and a house that’s updated and neat and tidy, your house is going to sell quickly, with multiple offers, and likely above asking price.

Contact Danielle

The St. Joseph Real Estate Group

3723 Beck Rd., St. Joseph, MO 64506

Cell (913) 707-1705

Broker Office (816) 396-6076

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