8 Most Googled Questions about Real Estate in 2023

8 Most Googled Questions about Real Estate in 2023
The real estate market never stays the same for very long, and sometimes it’s difficult to read where it’s going. This can lead to confusion and anxiety. In 2023, the market has seen rising prices amidst low inventory, although sales have dropped and mortgage rates have increased relative to previous years. With these trends, some homeowners and investors are concerned about where the market may be headed. Others are wondering if now is the right time to buy or sell a home. Before you start searching for answers, take a look at this list of the most Googled real estate questions in 2023.

1. Should I buy or rent?

This question is very common. If you’re wondering whether to buy or rent, you will need to consider many different factors, but it makes sense to start with your budget. If you are not prepared to make the down payment on a home or your credit could use some work, buying right now may not be a great idea. However, in the long run, it makes more sense financially to purchase a home than to rent one. As a homeowner, you’ll gain security, equity, and a place that you can call your own. You will be able to style your property to reflect your personal tastes or conduct home improvements that elevate your quality of life. When renting, you are putting money in someone else’s wallet.

If you’re unsure about whether your finances and credit are better suited to buying or renting at this time, it never hurts to talk to a financial advisor, a mortgage lender, or even a representative at your bank.

2. What type of home is right for my budget?

The answer to this question will depend not only on your personal finances but also on the area in which you’re looking. In densely-packed urban areas, living space commands a high premium, leading many buyers to gravitate toward condominiums and cooperatives.

If you’re in a suburban or rural area, there may be fewer options for condos or co-ops, and a detached single-family home may be the most logical solution. One perk of single-family homes is their wide range of prices within a given area. You can find everything from the proverbial fixer-upper to the lofty luxury estate in most areas. Because of this, single-family homes are a great option for buyers.

3. Should I buy an old or new home?

If you have the financial resources, a new home may be the best investment for you. At the same time, a slightly older home might cost tens of thousands less and still have current amenities and building codes. You may want to take a look at a broad range of homes in your area and then narrow down your search based on what’s available.

4. How can I find my home’s market value?

The market value of your home can be estimated using an online home valuation tool. Your home’s final sale price, however, may be affected by a variety of factors, including current market conditions and the current condition of your home. I am more than happy to help you with the current value of your home! With over 27 years of experience in this area, I have seen all of the ups and downs in the market! Call or text me anytime at 910.724.4455 or email me at [email protected]

5. Is the housing market slowing down?

It’s actually more correct to say that the housing market has already slowed down. In 2023, home sales have dropped relative to previous years. The National Association of Realtors (NAR) recently published data on existing-home sales demonstrating this trend. As of May 2023, sales have fallen 20.4% year-over-year.

6. Is the market about to crash soon?

There is no significant indication that the market will experience a crash soon, although a short-term price correction could be a welcome relief for real estate buyers. Prices are still fairly high at a national level, yet many buyers are active on the market looking for homes.

7. Why are home prices so high?

This is one of the most Googled real estate questions in 2023, as it’s likely on the minds of many American buyers. It is worth noting that housing inventory is low in most markets in the country, which is a significant factor driving up home prices. However, real estate prices tend to rise over time, especially with inflation. The good news is that buyers purchasing homes will benefit from rising values, providing them with wealth and equity over time.

8. When will the housing market improve?

While each local housing market boasts its own dynamics, it’s important to note that all follow changes at a national level very closely. One driving factor affecting markets all over the United States is interest rates. In 2023, interest rates have risen to combat higher-than-average inflation levels.

The Federal Reserve is responsible for raising or lowering interest rates. Typically, mortgage rates go up when interest rates do. Some experts predict that inflation will ease up going into the latter half of 2023 and into 2024. If so, this could mean interest rates will drop, thus allowing more buyers with opportunities to buy a home.

However, it’s important to mention there is no crystal ball regarding real estate, interest rates, and the economy. Industry experts can only predict particular outcomes based on current data trends.

Getting your questions answered

If you still have more questions about the real estate market, contact Jamie McDevitt. Jamie is a highly qualified broker specializing in the sought-after areas of Pinehurst and Southern Pines. Her passion for helping clients, enthusiastic nature, problem-solving skills, exceptional customer service, years of experience, market knowledge, and attention to detail make her one of the local market’s leading real estate specialists. Whether you are a buyer, seller, or investor, Jamie has the skill and know-how to help guide you through the twists and turns of the market confidently. To learn more about the services offered, pertinent information about buying homes, and insider knowledge about the area’s most desirable neighborhoods, reach out today.

Work With Jamie

Jamie will take the time to understand your goals and will work tirelessly to help you reach them. Whether you are moving to the Pinehurst, Southern Pines area to play golf, swing a tennis racket, or simply run or walk through your neighborhood, let Jamie work for you.