Selling a Home Soon? Read This Housing Market Forecast 2023

The global pandemic sent the housing market into a frenzy with low demand for property. Many people turned their homes into offices in remote work set-ups, and fewer were interested in purchasing a property, opting to settle in for the long haul. Additionally, the rate of unemployment and general economic crisis did not allow many people to pay their mortgages. Thus, residential property sales dropped. 

While the demand for property was low, there was a substantial supply of houses, especially among people looking to sell their property as-is for a fair price or much-needed income. However, the challenging economic period made it hard to predict the housing market. The uncertainty of how far the pandemic would go also contributed to the hiatus in the housing market. 

However, understanding housing trends gives you better chances of selling your property when demand is high, including when considering a "sell my house fast for cash MN" company like Homefield Homebuyers. So, if you're thinking of selling a home soon, check out our Housing Market Forecast for 2023!

The 2022 Housing Market 

The Researchers at Goldman Sachs, an investment banking giant, predict that 2022 will end on a low note for the housing market. The National Association of Realtors statistics show median home prices from Jan 2022 were about $350,300, dropping from August 2021 at $356,700. There are likely events of more drops in home sales and price growth. 

The prediction is no surprise as many homebuyers are already backing out of the home market, sighting the high-interest rates. As a result, experts predict that home sales will continue to drop, as they have throughout 2022. 

So, is it ideal to wait for the coming year to sell your property? Probably not. 2023 will likely be worse, and as such, you might find it a little hard to sell your property as fast as you wish if you wait. 

The Housing Market Forecast 2023

Goldman Sachs forecasts more decline in home sales in 2023. To put the decline on a predictable figure, Goldman researchers say there will be about an 8% drop in home sales. In addition, the forecast states a likely growth in home prices, which will reduce significantly through the year.

In Minnesota, for instance, the housing market forecast 2023 shows a predicted median home value of $365,958, a rise from the 2022 value of $326,253. However, due to the growth rate, the demand for home properties will likely be low, as most homebuyers will feel the burden of high prices.

What about interest rates? GoBanking Rates forecasts that 2022 will end with rates between 8-9%, likely to increase into 2023. 

So, Is Now a Good Time to Sell?

To escape ongoing downturns in 2023, now would be the perfect time to sell your house if you're thinking about it. If the question, how do I "sell my house fast for cash, MN" lingers in your mind, then analyzing home marketing trends should help you decide on the ideal timing to list it or consider a cash offer. 

Knowing the ideal timing to sell your house fast and with the best returns is essential. Based on trends and forecasts, selling sooner (rather than waiting until 2023) could be better for your bottom-line profits on a home. There is little to look up to in 2023 as the growth rate will likely remain at an all-time low through the coming years. 

If you're thinking of selling and you don't feel like you have time to make repairs or get organized over the last few weeks of the year, Homefield Homebuyers can help! We work with homeowners needing to sell quickly by providing a fast, fair cash offer and quick closing timeframes. We're also a locally-owned cash home buyer business dedicated to the Minneapolis community and helping homeowners sell properties with positive outcomes. 

Homefield Homebuyers: "We Buy Houses Cash, Minneapolis"

If you have a home you want to sell and need help to find the best possible financial outcome (sooner rather than later) to beat the ongoing downward housing trends, Homefield Homebuyers can help! "We buy houses cash Minneapolis" with the best offers based on your home's value. In addition, we are reliable and fast in our service. So if 2023 looms and you're ready to sell quickly, we're the team to make that happen for you. 

At Homefield Homebuyers, we relieve you of the burden of hiring realtors and other professionals to sell a home. Reach out to a team member, and we'll get started on our offer process to quickly deliver a fast and fair offer! We make an offer within 48 hours to pay cash, or we pay you $100. 

Contact us today to learn more about how we can help you sell your home.