Humboldt Forecast: A Positive Outlook in Real Estate for 2023
As we head into the New Year what does the real estate market in Humboldt have in store for buyers and sellers?
Before you being shopping for single family homes in Humboldt California you'll want a basic understanding of the market landscape.
Whats the National Market Doing Right Now?
The housing market has changed dramatically since the start of 2023. While housing prices continued to skyrocket and real estate activity was on the rise as recently as last year, current events have impacted the housing market's journey in a unique way. Low-interest loans allowed buyers to purchase homes for cheap, but rising rates and inflation are creating more uncertainty in the housing market. Inflation has been wreaking havoc, making it difficult for many individuals and families to keep up with ever-increasing costs - and all of these factors have contributed to today's climate of uncertainty in the housing market. To make a successful purchase today, savvy buyers must be aware of all these potential changes so that they can prepare accordingly.
What about the local real estate market?
Humboldt's real estate market is looking positive as we move into 2023. Home prices were down 2.6% in November 2020 compared to the previous year, with 87 homes sold for a median price of $449K - a decrease from the 116 homes sold the preceding year. The average amount of time spent on the market is also lower, with homes selling in just 17 days in 2020 compared to 58 days last year. Whether buying or selling, a professional realtor can provide excellent insight into getting the most out of this market as it shifts and expands following what could easily be called unprecedented times. Let's take a deeper look at why Humboldt's forecast for 2023 looks so promising.
As demand increases, sellers have become increasingly aware that they need to set a realistic asking price if they want their home to sell quickly—and this newfound flexibility has had a huge impact on the amount of time it takes for a house to sell (17 days on average). Furthermore, with so many buyers looking for new homes and investment opportunities, sellers can expect multiple offers on their property—which means they will get top dollar for their listing!
Homes are selling much faster than before, indicating that demand is high and buyers are willing to pay more for their dream home. This trend is expected to continue as more people seek out an escape from city life and look for more affordable housing options elsewhere. Additionally, due to the economic downturn caused by the pandemic, there has been an increase in homebuyers seeking investment opportunities in order to diversify their portfolios and capitalize on low interest rates. This influx of buyers has caused an uptick in home sales, which will likely continue into 2023 as more people seek out new places to call home and invest their money.
When will market conditions improve?
The housing market is reeling with the high interest rates of today, making it a difficult environment to navigate. We know that there is reason to believe that these astronomical rates have a timeline and will drop at some point during the 2023 calendar year, according to experts. Many financial advisors recommend preparing for this change by researching current housing trends and arming yourself with accurate information about home prices. Realizing that no one can accurately predict when exactly we will see a reduction in interest rates, buyers should not expect them to remain at such an elevated rate forever; it is only temporary and therefore an obstacle that can - and will - be overcome. Be prepared for the upcoming surge of housing inventory when rates finally drop; buyers who were previously biding their time for lower interest returns are expected to join the market en masse as housing prices begin their incline yet again.
How often does the market change throughout the year?
2023 is no exception to the housing market activity trends that have been in effect for years. The late spring of April, May, and June typically bring the most highly motivated buyers to the real estate market, either seeking to take advantage of strong housing prices, pleasant weather, or a tax return. Prices tend to rise in the second quarter as demand increases, before dropping back towards more accurate levels when September and October roll around, marking the end of the housing market season. Including all of these elements are an important part of understanding if you're looking to make any kind of housing-related decision this year.
What does this all mean for buyers?
2023 is expected to be a major opportunities for home buyers with experts predicting lower interest rates which will trigger a surge in housing demand and prices. This means that taking advantage of the current housing market won’t necessarily alert you to savings, but it will help you to secure a monthly payment while building equity in your new home. And, if the housing market continues in favor of buyers, when interest rates fall even your monthly payments may reduce!
Will 2023 be a good year to sell a home?
Real estate values have been rising steadily in the past few years and will likely remain above the pre-pandemic levels if you prepare your home for sale correctly. Consulting your realtor to generate a comparative market analysis report is the first step in making sure you get the most for your property. With this report, you'll be able to project what similar properties in your area have been fetching lately, enabling you to set realistic expectations for your own listing. Finally, don’t forget how important it is to properly stage and market your home; given that many areas around the country see more buyers than homes on the market, giving yours some extra attention could help it stand out from the competition.
Humboldt County’s forecast looks bright as we move into 2023 with lower home prices and shorter sale times than before – not only making it an appealing destination for vacationers or retirees but also making it easier than ever before for buyers or sellers alike to get what they want out of this dynamic real estate market! Whether you’re a first-time buyer or seller looking at investing your money somewhere new or you’re just curious about current trends – Humboldt County’s real estate market should definitely be part of your considerations going forward! Now is an ideal time to get involved and make sure you get the most out of this shifting market – all you need is a professional realtor who knows the area well!
Once I'm ready to buy or sell a home what should I do first?
With the real estate market continuing to adjust and prices fluctuating across different areas, it can be a challenge to stay informed of current market trends. Christina D'Alessandro is an exemplary realtor at Remax Arcata and has been a Humboldt resident for over 15 years with unmatched insight into the local real estate market. With access to exclusive resources, she stays updated on pricing forecasts, new listings and buy/sell trends which makes her invaluable when buyers navigate through their home buying journey or even when investors are considering purchase of another property.
If you are interested in Humbolt,CA homes for sale reach out to Humboldt's top real estate agent Christina D’Alessandro with Remax Arcata today. Christina’s outstanding customer service and her passion for real estate provide home buyers with the ultimate home-buying experience while searching for their dream homes Humboldt, Arcata, and surrounding areas. Get started today!