2023 Real Estate Questions Answered

Sarah Hardy knows real estate. Here's her insight to 2023 market trends.

Sarah Hardy knows how wild the real estate market can be. And with over a decade of experience in the Dallas-Fort Worth area, she is well-versed in what buyers and sellers want to know: community vibe, quality of schools, local events and happenings, and the best up-and-coming neighborhoods. We spoke with Sarah about 2023 market trends, interest rates, and what buyers and sellers should always keep in mind.

Where do you see the real estate market headed? 

What we see today is considered normalization; the Fed had no choice but to raise the rates to fight inflation. In 2023, buyers won't be outbid by people with all cash offers over the asking price. Locally, we've started to see the confidence on both the buying and selling side of things—people don’t need to rush a purchase or sale like in 2021-2022. 

Will interest rates come down this year?  

I don't know what the interest rates will do past today, but we have seen a little dip which is encouraging for everyone. With the stabilization of pricing, I don't think there will be a "crash," as there’s still low inventory and great demand in the DFW area.

Have prices dropped? What does that mean for buyers and sellers? 

Inventory seems to be improving—builders are still getting permits to produce inventory, we have beautiful new developments going up all over DFW, and we've seen an increase in the number of homes for sale. It's an exciting time for buyers. We've seen prices starting to cool off, so people don't feel rushed with one of the most important decisions they will make. It also gives sellers time to consider their options. In a normalized market, we see both parties having to do a little give and take. That's the way it should be. 

What factors should people consider when buying a home? 

My best advice? Consider location. Is the home close to where you work and play, or is it in an area that suits your lifestyle? Be it a new neighborhood with new construction or an older, well-established one, it needs to fit your life.

What should sellers know when putting their homes on the market?

My advice is always the same. Price your property with guidance from a real estate professional you trust to gain the most traffic and offers. There is a sweet spot; homes priced correctly get lots of traffic and receive offers. Pricing, marketing, staging, and appealing to the masses are always the right combination. Work with a realtor who knows the contract inside and out and will negotiate for you; feeling represented fully is crucial in any market. Also, you get one chance to make a first impression when your house hits the market. When you work with me I deliver a great selling experience by being knowledgeable, informative and communicative. Engel & Völkers is a lifestyle brand, it is not just about buying and selling. I live the spirit of our brand offering my clients an exclusive portfolio to ensure their satisfaction. The goal for me is to provide high quality service at every price point by aligning myself with the world's leading real estate companies. Engel & Völkers is recognized all around the world and in every major city, our network is vast. I'm here to help you!

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