A Closer Look at Buyer Preferences & Competition in 2023

As we move into the new year, 2023, housing prices and market conditions remain at the top of many buyers’ and homeowners’ minds. At the start of 2020, no one could have predicted the challenges that would arise from a global pandemic. The outbreak of COVID-19 has turned the housing market upside down, with some regions feeling the effects more than others. Despite these unique circumstances, certain trends have emerged that offer insights into buyer preferences and competition in today’s market.

Here’s a closer look at what’s happening in the housing market in 2023:

The definition of a “first-time homebuyer” is changing

The definition of a first-time homebuyer is no longer limited to those who have never purchased property before. In fact, due to economic conditions, government assistance offerings, and changing lifestyles, the criteria for being considered a first-time homebuyer is broadening to include individuals or couples who may have owned a home in the past but are now considering purchasing or refinancing for the first time after a period of owning or renting. This shift has enabled more people than ever to enter the housing market, either as owners or as renters. As such, prospective buyers and renters need to understand their eligibility as potential first-time buyers to take full advantage of current offerings in the housing market.

More people are moving to the suburbs.

The surge of people moving to the suburbs is a trend that is not showing any signs of slowing down. Its popularity continues to grow as people look for more space, relative affordability, and decreased urban living costs. Suburban living offers a connection to nature, providing recreation activities like walking trails and gardens with far less traffic and noise than city counterparts. Many also use the additional outdoor space to entertain families and soundproof outdoor-oriented workspaces. Ultimately, these positive factors make suburban living increasingly popular today.

Buyers are looking for more space and storage.

Real estate buyers have been looking for more space and storage options for practical, cost-effective solutions to life’s everyday needs. Whether it’s an extra closet for the kids’ toys or a laundry room for the entire family, potential buyers are searching for homes that offer these must-haves. Fortunately, many houses can be customized and adapted according to different lifestyles, making it easier to meet individual storage needs without breaking the bank. As we look towards a more collective future of living, ensuring sufficient amounts of space and storage will continue to be one of the key priorities when deciding where to lay roots.

Technology is playing a bigger role in the home-buying process.

With technology advancing at an ever-increasing pace, it is no surprise that homebuyers worldwide are reaping the benefits of this development. Home buying is undergoing drastic changes driven by technological advances, such as virtual tours and online applications. Homeowners now have access to various online resources that streamline their search, saving them time and money in their purchase journey. Moreover, through apps and other platforms, they can also choose properties efficiently without any manual effort. Technology has vastly improved the efficiency of the homebuyer’s approach to searching for their dream homes – from viewing images from satellite imaging to social media conversations about particular neighborhoods—homebuyers today have information at their fingertips, making their experience faster and easier than ever before.

Competition is stiff, but there are still opportunities for buyers.

Despite the existing competition in the market, buyers still have viable chances to take advantage of great opportunities. Most calls are in continuous flux, and new methods are emerging to help buyers get more information and find more advantageous deals. It’s never been easier for buyers to access essential resources and make informed purchase decisions. Knowing how to leverage available technology properly can give buyers an edge when competing with others for the same items at similar prices. Savvy buyers still have plenty of room for success by using their knowledge and resources wisely.

As the home-buying process evolves, it has become more competitive. With housing prices, technological advancements, and changing consumer needs, navigating the market as a first-time home buyer can be daunting. However, by researching the trends and being aware of potential hidden costs, buyers can make an educated decision that will serve them long into the future. Furthermore, prospective buyers should take advantage of industry resources and speak with a real estate professional to be confident when selecting the home of their dreams. There’s nothing more rewarding than becoming a satisfied homeowner.