The residential real estate market was white-hot at the beginning of the year but has cooled down significantly since then. A combination of increased interest rates, rising inflation, and the threat of a recession has put a damper on things. Plus, homes have just gotten too expensive!

Here are some market changes you can expect to see next year: (1) Buyers will be tightening their wallets and may even hold off on buying a home because of higher interest rates and inflation. (2) The total number of home sales is likely to decline. (3) You can expect more buyers to walk away from a sale because of greater buyer hesitancy and the desire to avoid buyer’s remorse. (4) Home prices are likely to flatten or even decline in some markets.

The good news is that, despite all of these challenges, there are still plenty of people who are looking to buy a home. In fact, demand for housing remains high thanks to historically low mortgage rates and a strong desire for homeownership among millennials and Gen Zers. The key for sellers is to be realistic about their expectations and price their homes accordingly.

If you’re thinking about selling your home in 2023, here are a few things to keep in mind:

First, don’t overprice your home. Buyers are going to be more cautious than they were last year and they’ll be looking for deals. If your home is priced above similar homes in your neighborhood, it’s likely that you’ll either get lowball offers or no offers at all.

Second, be prepared to negotiate. With buyers being more cautious, they’re also going to be more willing to negotiate on price. So, if you want to get your asking price, you might have to be open to negotiating down a bit.

Third, pay attention to market trends. Pay close attention to what’s happening in your local market and price your home accordingly. If there’s been a recent surge in prices, you might be able to get away with pricing your home a bit higher than similar homes in your neighborhood. But if prices have been stagnant or declining, you might need to adjust your asking price accordingly.

Selling a home in 2023 is going to come with its challenges but there are still plenty of people looking to buy homes. The key for sellers is to price their homes realistically and be prepared to negotiate. Paying attention to market trends will also be important so that you can price your home accordingly.

Matt Witte strives to be the best realtor in North Andover MA.

Any questions about real estate, reach out to Matt Witte North Andover Realtor MA