How does the real estate market of 2023 start?

One interesting statistic is that there was a 25% increase in weekly mortgage applications two weeks ago, according to a CNBC story I read recently. Yes, mortgage applications are down from a full year ago, but they are starting to recover, as interest rates have started to soften a bit over the past few months.
Another interesting statistic I heard is that in the last quarter of 2022, 42% of sellers gave concessions to buyers at the closing table, a 10-year high, according to an article in Money magazine.
No one has a crystal ball, but it seems from what I've heard, anecdotally, that many risky buyers are starting to come back into the market. They understand that there may be discounts they can get from the seller, they can do the home inspection, and maybe even ask for repairs or credits, and not feel that they have to go blindly into the housing market without some sense of security.
Sellers are also getting creative with attracting buyers. Some sellers try to find lenders who will help the potential buyer find a competitive interest rate or who will offer to pay a portion of the buyer's cost to buy the interest for the first few years of the loan. Some sellers hire home inspectors, before listing their homes on the market, to perform an inspection of their home and then make the necessary repairs even before it goes on the market, which should provide a cleaner and smoother contract period for both the buyer and the seller.
During 2022, DC mobilized HPAP (Home Purchase Assistance Program). Those eligible to use the down payment assistance program can receive thousands of dollars more toward their down payment, and income limits have also been raised, meaning more people are eligible to use the program.
As we all know, a lot can change over the course of a year, but it looks like the first quarter of 2023 is starting with a busier real estate market than the last quarter of 2022. Buyers seem to feel more confident getting back into the market, and many sellers are willing to work with all types of buyers to get their homes under contract. , sell and move forward in their lives.
If you have any questions about these plans or thoughts about moving to market in 2023, please don't hesitate to contact me.