Is Now the Right Time to Buy a Home in 2023?

By Shawn Manderscheid

As a licensed Real Estate Professional for 25+ years, consistently performing in the Top 1% of Houston Realtors, Shawn is truly a treasure in the real estate field.

As we enter the final quarter of 2023, the real estate landscape has seen some shifts since the last quarter of 2022. One noticeable change is the increase in interest rates, leaving potential buyers with questions about the right time to make their move. It’s true; financing has become more expensive, and the number of cash buyers has dwindled, leading to a less competitive market. This leaves many buyers wondering: Is now the right time to buy?

Consider this: In 2022, real estate prices in the Houston area soared to historic highs. These record-breaking prices haven’t decreased, making today’s market value among the highest in history. So, is it a good time to buy? The answer might surprise you.

With fewer buyers in the market, you won’t face the intense competition and multiple offers seen previously. This could translate into more favorable pricing for the house you’ve been eyeing. While financing costs have gone up, there’s no guarantee they’ll decrease in the future. So, is now the right time to buy? Our answer is a resounding yes, IF this is the best time for you and your family to move!

However, it’s essential to consider that some sellers are still holding out for top-dollar offers. They’ve become accustomed to the notion that their properties will continue to appreciate as they have in the past couple of years. As a buyer, you may need to navigate these expectations.

Ready to explore your options in the 2023 real estate market? Whether you have questions or are eager to make a move, our team is here to help. Call or email us today to discuss your real estate goals and get the guidance you need in this evolving market.