Real Estate Trends for Home Buyers and Sellers in 2023
Gain insights into trends for home buyers and sellers for 2023. Savvy buyers and sellers enter the real estate market in the off-season to avoid competition and escalating bidding wars. Get the facts about the Denver real estate market in this month’s report based on statistics from the Denver Metro Association of Realtors’ November 2022 Report.
Denver Market Conditions for the 2022 Holiday Season and 2023
The holiday season is the best time of year to gain insights into what the future holds for real estate markets all over the country. Check out this video from Realtor Sam Wilson about trends in Denver and what the market might hold for 2023.
Check out More Videos On Sam’s YouTube Channel.
Are you waiting to buy or sell a home until the spring? If so, the holidays and first months of the year are prime time if you want to avoid buyers bidding up prices during the traditional high-selling season.
While pricing may not be predictable, real estate trends for home buyers and sellers repeat year after year. Consulting an experienced realtor is the best way to review the year-over-year trends so that you can plan a strategy to enter the market at the time of the most significant advantage based on your situation.
If you’re a seller in today’s market—at least right now—you have more time to find your next home. Homes in November took, on average, 34 days to sell, with 55% reducing prices to come under contract. This all changes with the coming spring and summer home-buying frenzy.
Denver is Averaging One Month of Home Inventory on the Market
Active listings at month end for November 2022 were 4,572, similar to the end of June at 4,684. The November number of 4,592 is 3.16 times greater than the active listings in November of 2021 at 1,444.
So despite reports in the news of housing crashes and rising interest rates, the Denver home market presents opportunities specific to trends for home buyers and sellers.
Closed homes during November at month end were 2,050, which is lower than one year ago at 3,797. This lower confirms the gap of homes taking, on average, one month to sell.
Price Hikes Have Slowed—For Now
The average residential closed home price of $657,610 has been relatively stable from July 2022 at $688,448. Equalling a year-over-year price increase of $29,309 or 4.6% yearly. Low inventory may continue to stabilize prices.
So, sellers worried about not receiving offers tens of thousands of dollars above the asking price are still receiving a good return on their investment. Future trends for homes coming on the market for sale are expected to hold at about 1% of built homes.
To offer perspective, from 2008 to 2010, home inventory for sale was around 4% of all available properties. This means that housing inventory will remain tight as a trend for home buyers and sellers.
Savvy buyers and sellers are wise to enter the market in the off-season when buyer competition and price pressure are lower. Just the opposite, waiting until the spring or summer is guaranteed to result in more competition.
Whether buying or selling, creating a strategy to find the right property in the right location and price remains critical. Part of the strategy in trends for home buyers and sellers for 2023 and the future must be choosing a realtor with years of experience in up-and-down markets.
There’s no substitute for working with a real estate advisor you can trust with one of the most important investments of your life. Let’s change gears and look at decorating trends for home sellers and buyers.
Interior Decorating Trends for 2023
Sherwin-Williams confirms that the top interior home colors remain off whites, beiges, light grays, and a light moss green:
- Pure white
- Light French gray
- Accessible beige
- Agreeable gray
- Sea Salt
- Repose gray
- Greek Villa
Better Homes and Gardens reports restful interiors, bold hues, and eco-minded materials to be at the top of the list of trends for home buyers and sellers for 2023.
The Pandemic, Economic Changes, and Interest Rates Are Changing the Way Consumers Use Homes
Surviving the pandemic, record-high gas prices, and a housing boom have resulted in more homeowners seeking simplicity and seeing the home as a haven. Working at home has increased interest in the connection between home decorating and feeling happy in one’s space.
As a result, houseplants, photos, and items that create a happy place have become more important.
Trends for boomers downsizing or children moving in with aging parents will continue to create opportunities to establish multi-generational households. For example, families may combine funds to create settings where grandparents can care for their grandchildren while adult children work from home or in a typical office setting.
This concept extends the concept of a kitchen being more than a kitchen but, instead, an area to entertain on the weekend and a temporary homework station during the week. Basements may be centers for entertaining or workout space.
Staying at home during the pandemic and working from home has changed how homeowners view space. A guest room used one or two weeks out of a year may become an entertainment room or a home office.
The beauty for homebuyers is that traditional uses for rooms are a foregone thought. Any room in a home can be transformed into the room of your dreams.
There’s No Time Like the Present to Buy or Sell a Home in The Denver Metro Area
Are you considering buying or selling a home in the Denver Metro Area? Get expert real estate advice from Sam Wilson, who has more than twenty years of experience in the local market, and his team of realtors. Resources on this website include FREE reports and articles in the blog requested by home buyers and sellers.
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Work with a seller or buyer’s agent on the Sam Wilson Home Selling Team. If you are thinking of buying or selling a home, the team will share years of expertise to make the home buying or selling process a financial win that is as stress-free as possible.
The Sam Wilson Home Selling Team specializes in homes in the Denver Metro area, including Arvada, Aspen Park, Aurora, Brighton, Broomfield, Centennial, Conifer, Denver, Edgewater, Evergreen, Genesee, Golden, Highlands Ranch, Idledale, Indian Hills, Ken Caryl, Kittredge, Lakeside, Lakewood, Littleton, Morrison, Mountain View, Parker, West Pleasant View, Westminster, and Wheat Ridge.
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