Full Market report and 2023 Predictions on the housing market
The real estate market in 2023 is poised to see an increase in value, with an expected appreciation rate of between 2-4% in the Bellingham and Whatcom County areas. This prediction is based on several factors, including current market conditions and trends. However, there is a chance that certain neighborhoods, such as Bellingham and Lynden, may experience a higher appreciation rate if interest rates decrease.
Although the market is currently dominated by sellers, buyers still have some bargaining power when it comes to negotiating prices. As the year progresses, sellers may become more firm with their asking prices, giving buyers more time to make informed decisions. This shift could be driven by the expected return of millennials and Gen Zs to the market, who will have the opportunity to compare properties and make well-informed purchases.
The 2023 real estate market is expected to be similar to the market seen in 2017-2018. Properties that are well priced and located in desirable neighborhoods may sell quickly and for more than their asking price, but other properties may offer some room for negotiation. It is important for buyers and sellers to stay informed about market conditions and trends in order to make the best decisions for their specific needs.
Don't miss out on the real estate opportunities in 2023! If you're a buyer, take advantage of the leverage you have to negotiate now, before sellers become firm with their prices. If you're a millennial or Gen Z looking to re-enter the market, start comparing properties now to make informed decisions. Contact us today to learn how we can help you navigate the market and find your dream home!