Central Texas realtor optimistic for housing market in 2023

WACO, Texas (KWTX) - As we get ready for 2023, we look forward to what opportunities the new year may bring. That could include a fun trip, a new job, or maybe even buying a house.

We have watched the housing market ebb and flow in years past, but Megan Miller who has decades of experience in real estate says it looks to be leveling out.

“Leaving 2022 and going into ‘23, it’s going to be similar,” Miller explains.

She adds that there is still going to be enough inventory for people to come in and purchase a home, and new construction is contributing to that increasing inventory.

Miller says that median home prices have continually increased since 2012, and a decline is not likely. She says it is best to make the move now before those numbers jump again.

“Our average sales price has escalated and is close now to over $300,000,” Miller says.

The Misenheimers moved into their Waco home six years ago and this past year they bought an empty lot with plan to sell their house and build a new one.

“Over the last year, construction prices have just gone up so high,” Bonnie Misenheimer said, “They skyrocketed,” her husband Randy adds.

After opting out of building, they just recently bought a house they love. But now they have an empty lot and house on the market.

“I think it’s been going pretty well, especially this time of year. We’ve had some good traffic and we’ve got a lot of lookers,” Bonnie said.

Miller says if you are contemplating the decision, the time is now. But there are some things to keep in mind if you are hoping to be a homeowner.

“You want to do your homework, you want to be patient, make your list of wants vs. needs,” Miller explained.

A big part of putting your best foot forward is to have your finances in order, like getting qualified for a mortgage.

“A seller doesn’t want to look at an offer that you present if your financing is not ready to go,” Miller adds.

And she says for those looking to sell their property to always be honest on disclosures and to be realistic when pricing your home.

Miller says that no matter whether you are looking to buy or sell, the outlook is optimistic.

“Traffic is still busy, and the stats are really good. Going into 2023 for me, coming out of ‘22 and going into ‘23, it looks great,” Miller said.

Copyright 2022, KWTX. All rights reserved.