Brookfield Real Estate Market Forecast for 2023

Brookfield is located in Waukesha County and appeals to those in search of a high quality of life with excellent schools, beautiful parks, a strong economy, and a range of community events and activities. The past few years have presented many twists and turns for the local and national housing markets. Many may be wondering what might happen in the Brookfield real estate market in 2023. While it’s impossible to predict with full accuracy what might happen over the next several months, we can learn a lot by assessing recent trends and developments and looking at the expert’s predictions. Read on to learn what you can likely expect if you’re working with a Brookfield realtor to buy or sell a home in 2023.

The Brookfield housing market remains favorable for sellers. Average home prices are higher than they were one year ago, and many homes sell for a price above asking. Although it’s common for homes to receive multiple offers, some homes might spend one to two months on the market before going under contract. In some cases, sellers will reduce their asking price at some point during the process, but it’s uncommon. Potential buyers should be prepared to make a competitive offer even if they’re considering homes that have spent multiple weeks on the market. As of March 2023, the median sale price for a home is $394,250; 28 homes were sold, and a home on the market averaged for 36 days. Housing trends in Brookfield indicate that prices have decreased year over year.

Many experts predict that a slight recession will occur in 2023. Increases in average home prices are expected to stall sometime during the second quarter, and average prices may even drop in some areas. Although there are numerous factors for this, one of the biggest influencers is the rising national interest rates. Rates fell to staggering lows during 2020 as the national economy wrestled with the pandemic. Many buyers took advantage of the lower rates and purchased new homes during 2020 and 2021.

The market began to return to normal in 2022, and interest rates have risen considerably over the course of the year. The new market climate presentes challenges for both sellers and buyers. Sellers should prepare for prices to dip slightly over the next several months. Buyers can take advantage of these lower prices, but they may pay more each month on their mortgage because of higher interest rates.

The market is usually the hottest during the spring and summer months because families prefer moving when the weather is pleasant. Further, many people have tax refund money on hand that can be used for a down payment. This season is also popular for families with children; they want to pack, move, and settle in before school resumes in August or September. And sellers tend to make better profits during these months.

The market begins to slow down in September and October, and some buyers find that sellers are more willing to negotiate their prices during this time of year. Homes do sell in the winter, and if you’re a buyer during this time, you’ll probably face less competition.

Buyers in 2023 will benefit from prices that won’t rise much; however, they’ll pay a higher interest rate on their mortgage. If you’re trying to decide whether 2023 is a good year to buy a home, first examine your overall financial position. Do you have enough money to fund a down payment? In the competitive Brookfield, Wisconsin, real estate market, are you prepared to act quickly if you find a home that you like? Your answers to these questions will determine what approach you might take next year.

Before you start the home-hunting process, contact a lender to determine what sort of loan you could pre-qualify for. Some realtors require pre-qualification before they agree to work with a buyer, and many sellers will ask to see a pre-approval letter when you make an offer on their home.

Prices aren’t expected to rise much in 2023, but it’s unlikely they will fall too far from their current position. Potential sellers should also begin to think about the price their home could command and should ask their realtor for a Comparative Market Analysis. This report will give you an idea of what other homes in your area have sold for in recent months. Once you have a price in mind, look online at homes selling for similar prices and compare the amenities and features of your home to those. Also, determine what issues or deficiencies you may need to address before listing.

Maura Strickler is an experienced Brookfield realtor who is committed to exceeding her clients’ expectations in each transaction. She has been a realtor for eleven years and she has lived in southeastern Wisconsin her entire life. She is a top-performing local real estate agent who takes pride in providing personalized service to each of her clients. Reach out to Maura when you’re ready to begin shopping for homes for sale in Brookfield, Wisconsin.