President's Message: Home-buyers should be mindful of real estate changes for 2023
Real estate is constantly evolving, and the real estate market in Stark, Carroll and Trumbull counties is no exception. Here are some ways that real estate is changing in these counties in 2023:
1. Increased competition. Like many other areas, Stark, Carroll and Trumbull counties are experiencing an influx of people moving to suburban and rural areas. This has led to an increased demand for homes and increased competition among buyers. In 2023, buyers can expect bidding wars and multiple offers, particularly for properties that are priced competitively and located in desirable neighborhoods.
2. Shortage of inventory. The real estate market in Stark, Carroll and Trumbull counties is experiencing a shortage of inventory, particularly in the entry-level price range. This shortage of inventory can lead to increased competition among buyers and drive up prices.
3. Emphasis on technology. In 2023, technology is playing an increasingly important role in the home-buying process in Stark, Carroll, and Trumbull counties. Buyers can expect to view properties virtually, communicate with Realtors remotely, and complete much of the paperwork online.
4. Focus on home features. As in many areas, the pandemic has shifted priorities for many homebuyers in Stark, Carroll and Trumbull counties. In 2023, there is a greater emphasis on home features such as outdoor space, home offices and flexible living spaces.
5. Greater transparency. In 2023, buyers can expect greater transparency in the home-buying process in Stark, Carroll and Trumbull counties. Realtors are required to disclose any known issues with a property, and buyers can access public records to research a property's history.
6. Increased emphasis on sustainability. Sustainability is becoming increasingly important to homebuyers in Stark, Carroll and Trumbull counties in 2023. This includes a focus on energy-efficient features, such as solar panels and efficient HVAC systems, as well as a desire for sustainable building materials and landscaping practices.
7. Importance of local expertise. In a rapidly changing real estate market, it's more important than ever for buyers to work with a Realtor who has local expertise. In Stark, Carroll and Trumbull counties, buyers can expect to work with Realtors who have a deep understanding of the local market, including knowledge of neighborhoods, schools and local amenities.
In conclusion, the real estate market in Stark, Carroll and Trumbull counties is changing in 2023. Buyers can expect increased competition, a shortage of inventory, emphasis on technology, focus on home features, greater transparency, increased emphasis on sustainability, and the importance of local expertise. By understanding these changes and working with an experienced Realtor, buyers can successfully navigate the home buying process and find their dream home in these counties.
Kyle Oberlin is president of Stark Trumbull Area Realtors for 2023.