Spring 2023
While the Spring 2023 Des Moines real estate market more closely resembles pre-pandemic 2019 levels, Des Moines is still in a seller's market.
Conditions are less chaotic than we saw during the pandemic home buying frenzy of 2021 and early 2022, when everyone was trying to get into a home at those low 2-3% interest rates, however there is still less inventory than buyers looking.
In February 2023 there were some homes still selling at or above asking however 50% of homes in Des Moines sold below asking price.
Mortgage rates are starting to cool down from the spikes at the end of last year so more buyers will be back in the market to hunt down their dream home.
Sources at Forbes predict the 30- year mortgage rate will reach 5.2% by the end of 2023, which is over 1% lower than it is currently. This translates to big savings for buyers.
With lower mortgage rates it also means an increase in competition compared to the end of last year. Multiple offer situations have begun to pop up once again.
With buyers getting back on board, that will likely encourage more sellers to put their houses on the market, thus increasing inventory, with the hopes of leading towards a more even market.
Are You Ready?
Considering jumping into this hot spring market to buy or sell? I'm always available for a coffee chat (my treat) to determine if it's the right time for you.
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