Navigating the world of real estate can feel very overwhelming. The industry is always changing as new housing trends surface, new legal regulations emerge, and market conditions evolve. Buyers and sellers are always adapting to the changing state of the real estate market. In the digital age, people turn to the Internet for guidance in their real estate endeavors. The most Googled real estate questions in 2023 offer a look into what people interested in buying and selling a home are wondering. Whether you are a prospective buyer looking to find your dream home, a homeowner wanting to sell their house, or an investor strategizing to maximize their investment, the most Googled real estate questions in 2023 can indicate what to expect from Palm Springs houses throughout the year.
1. How will inflation impact the real estate market?
Inflation has caused an increase in the cost of living in the U.S. and affected the nation’s real estate market. There are many impacts that inflation has on the housing market. The effects of inflation on the housing market are more significant for buyers on a budget. The government has increased interest rates to minimize inflation, resulting in higher mortgage rates and thus making it more expensive to buy a home with a loan. For buyers who are relying on a mortgage to purchase a home, their purchase will be more costly due to increased mortgage rates. For those who can afford a cash purchase, buying a home can be a profitable investment. Purchases relying on a loan have slowed due to high mortgage rates, while cash purchases have increased. For example, in April 2023, cash purchases made up 28% of all transactions, an increase from previous months and last year. Inflation has increased the cost of buying a home with a mortgage, causing a slowdown in general sales. Cash transactions have increased as a result. While inflation is impacting mortgage rates, it can be a good time for those who can afford a cash purchase to invest in real estate. Inflation is expected to continue to impact the housing market for the remainder of 2023.
2. What are the best cities to invest in real estate?
Location is a major factor in the property value of a home. Some cities are more attractive than others for interested buyers in the real estate market. When buying a property, it can be beneficial to consider what the resale value of the home would be when it comes time to sell. In the first quarter of 2023, nearly seven out of 10 metropolitan real estate markets recorded home price gains. Some U.S. regions saw more growth than others. The South recorded the most single-family home sales at 46% and a price appreciation of 1.4%. Similarly, the Midwest saw an appreciation of home prices by 2.9%. In contrast, there was a depreciation in home prices in the Midwest of 0.01% and the West by 5.3%. The South is becoming a hot spot for real estate investment. The 10 best cities to buy a home are all in the South. This change is likely due to the increased costs of buying a home, as property is typically less expensive in the South. In general, the best city to invest in real estate is dependent on each unique buyer, but the statistics gathered in early 2023 show that house prices have appreciated at historical rates in the South.
3. How can I increase the value of my home?
Many home improvement and renovation projects can revitalize your space while ultimately increasing the property’s value. These projects can increase the number of interested buyers when it comes time to sell. Updating your home can signal that the property has been well maintained throughout the years and indicate value. Strategic renovation projects can result in a positive return on investment. These projects range in intensity from a fresh coat of paint to a complete remodel of the space. Consulting an experienced real estate professional can help homeowners understand which projects are most profitable to increase the value of their property. There are many benefits to a recently renovated home when it comes time to resell.
4. When is the best time of year to buy or sell a home?
The time of year you list your home for sale can impact the final price and the time it spends on the market. Spring is considered one of the best times to sell a house. In previous years, home sales increased by 34% in February and March. In comparison, up to 40% of the year’s sales happen in the summer months of June, July, and August. Since each homeowner and their situation is different, it is difficult to definitively name one time of year as the best time to sell. The time of year you sell your home can affect the sale price and the time it takes to sell.
Ready to get started with an experienced professional today?
A real estate professional is prepared to answer all your questions and help you form a strategy that will best serve you and your unique situation. The OMNI Real Estate Group is led by LUXE Directors Constantine Kolytiris & Ryan Pylypow, two of the best real estate professionals in the Coachella Valley area. The pair has more than 30 years of experience in the real estate industry, facilitating sales of transactions combining to more than $500 million. Constantine and Ryan are the go-to real estate professionals for those looking for Palm Desert homes for sale. Reach out today to get started on your real estate journey.