Real Estate Tips for Success in 2023

2022 was a year marked with a sharp, shocking rise in inflation and then interest rates, which reverberated throughout the real estate market. 

Despite these events, and the subsequent slowdown of the housing market, the prognosis for Huntsville’s real estate market for 2023 is surprisingly positive. As reported earlier this month, the National Association of Realtors has ranked our city as number seven of the top ten real estate markets to watch in 2023. 

To get a more local perspective, the Huntsville Business Journal spoke with Chris Hulser, President-Elect of the Huntsville Area Association of Realtors (HAAR), who will assume his position in 2023. 

“I feel that the Huntsville real estate market will continue to be strong,” said Mr. Hulser. “We’re still seeing a lot of people moving into the area, we’re gaining ground on resolving the inventory issue, and now that interest rates are starting to come down a little bit, people are starting to feel a little bit calmer about how things are going to go. It’s definitely going to be strong.” 

When asked what would-be buyers or sellers could do to maximize their success in the market, Mr. Hulser stressed the importance of professional realtors to the process.

“Having a professional realtor means that they are trained to facilitate the process, and are held to a high standard of conduct.”

Among the many services that realtors provide, Hulser mentioned researching homes for buyers, scheduling inspections, running comparables, communicating with the lender, and all manner of troubleshooting.

“We do a lot of things behind the scenes that the consumer never sees. There are many times that we’ll bring up that there was a problem – that we took care of – where the customer has no idea the whole process that occurred to fix it before they even knew about it. It could be days’ worth of paperwork, phone calls, and jumping through hoops in order to make sure everything goes smoothly.”

The incoming HAAR President also advised those looking into real estate to use local lenders for their financing needs.

“As a realtor, I can’t advise using online lenders. I would advise meeting with local financers, people that you can see and make a face-to-face conversation with, so that they can better accommodate your specific needs. After all, everyone is in their own unique financial circumstance, and it’s far better to discuss options that are a better fit for you. Loans are not one size fits all. What works for one buyer won’t work for another.” 

The situation for home buyers has changed, and that means that those looking to purchase a home have a bit more leverage than before.

“Don’t give away your ability to have a home inspection, or to have a contingency in your contract,” Hulser advised.

“This isn’t like 2021, where you would be one out of, say, thirty offers. It makes absolute sense to get the home appraised, so you’re not stuck in a home that, six months in, or twelve months in, starts losing value due to issues that could have been brought to your attention.”

For 2023, the watchword for buyers is patience.

“Take your time,” said Hulser.

“Make sure that you know what you’re buying, and also, do your research on your realtor. Make sure that they’re experienced, and that they’re trained. I see it like consulting a doctor – you want to make sure that the person you’re entrusting your financial health to is the right one. An inexperienced, would-be realtor can destroy a deal faster than anything, and that can be a hard lesson for buyers to swallow.” 

Finally, Mr. Hulser mentioned that one can find accredited, professional local realtors at ValleyMLS.com, the website for the HAAR. 

So, barring unforeseen catastrophe, it looks like the increased inventory, lessened sale pressure, and changing financing environment will make for a good year for would-be buyers, who will be better able to get the most for their dollar.