Five Predictions for the 2023 Spring Upstate Real Estate Market

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The number one question I get from someone when they find out I am a Realtor® is “How is the Upstate Real Estate Market?” or “How’s Business Right Now?”  These are questions I love to answer because I am passionate about the happenings in the Upstate Real Estate Market.  In case we don’t run into each other in person, I wanted to share my five predictions for the 2023 Spring Upstate Real Estate Market.

1. Inventory Will Remain Tight

Upstate Real Estate Market Inventory has been and will continue to remain tight through the Spring buying season.  We saw a slight reprieve in October, November, & December, however that was more due to buyers leaving the market than it was to more sellers entering the market.  If someone doesn’t have a need to sell, they just aren’t selling right now.  That has a lot to do with the fact that many homeowners have a tremendous interest rate and they don’t want to let that go if they don’t have to.

2. We Will See Multiple Offers

Multiple offers in the Upstate Real Estate Market, for the most part, dwindled when interest rates started to rise, however, they are back.  As of right now, multiple offers doesn’t always mean above asking price and they don’t mean 20 offers, but it is competition.  Currently, for owner occupied properties, we’re seeing condition, price, and location play the largest roles when it comes to multiple offers.

3. Despite High Demand, Sellers Still Have to Work Get Their Home Sold

As mentioned above, one of the factors that plays a role in multiple offers is condition.  Potential Sellers in the Upstate Real Estate Market, take note.  You do need to have a home that is neat and clean, even if not cosmetically updated to the nines, and well maintained.  Staging can go a long way for you too.  Just know you won’t be able to stick a sign in the yard and get top dollar for your home.  And, remember, you only get one chance to make a first impression!

4. Prices Will Remain Stable

I do believe, on average in the Upstate Real Estate Market, that prices will remain stable.  Yes, we will see some multiple offers and yes, we will see some over asking sold prices, but I do not anticipate a huge spike with home values.  At the same time, I do not anticipate a huge drop in home values.  A little here and there but nothing major.

5. Interest Rates Will Rise…Or They May Fall…Or They May Stay the Same

I am not ashamed to admit that I do not have a crystal ball and I cannot predict with great accuracy what the interest rates will do this spring.  So far, all indicators is that the Fed will raise the rates another 25 basis points in March which could signal another rise in mortgage rates.  If I had to wager a guess, rates will fluctuate a percentage, give or take, throughout the spring market.  What I do not anticipate is a big drop in rates or even a meaningful drop at this point.  I don’t think that will happen until at least 4th quarter of 2023.

Bottom Line for Buyers: The Upstate Real Estate Market inventory will be continue to be tight as more of you come back into the market.  Some homes will see multiple offers and quick sales, but likely not hours quick.  Probably more like days quick…that’s a plus!  Another positive is that hopefully the days of waving inspections and appraisals are over.  I haven’t seen a contract without both in a long time.  It’s not in your best interest to waive those very important items.  Be patient and don’t lose hope in a competitive marketplace.

Bottom Line for Sellers: While you are still at an advantage in the Upstate Real Estate Market, just because the inventory will continue to be tight and multiple offers are present doesn’t mean you can lay down on the job.  You have to start impressing buyers again by keeping your home maintained and neat and clean in order to get top dollar.  While you still may be able to push the asking price limit on some homes, be mindful that most buyers are not waving appraisals these days, so keep it in the range.

Most importantly, if you’re thinking about buying or selling this spring, hire a Realtor that will keep your best interest in mind, and not their pocketbook.  If you want to chat with us further about how we can help, shoot us an email to AllStar@AllStarSC.com

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