Fontana Real Estate Market Forecast 2023

The Midwest is home to many destinations that provide people with serene and luxurious small-town atmospheres. The comfort and familiarity of a small town is an amazing option when you would like to enjoy life at a slower pace and with more focus on whatever you need to tend to at that time.

 

This Wisconsin paradise is aware of the allure it holds and has properly curated the town to provide everything locals need to focus on enjoying life. Since this town is well known, real estate thrives here. Not only is Fontana an amazing place to live on a full-time basis, but it also makes a perfect option for vacation and rental properties. All of the local eateries, shops, and recreation areas make the area a no-brainer for real estate buyers. As 2022 slowly but surely comes to a close, real estate buyers, sellers, and their agents will likely pose the question of what 2023 holds for the Fontana real estate market.

 

Similar to any market that is heavily contingent upon supply and demand as well as the local and national economies, the future's not set in stone, and the possibilities are ever-changing. It is possible, however, to gauge where the market could be leading in the upcoming fiscal year by reflecting on recent market trends and successes as well as local economic conditions.

Across the country, the real estate climate has been monumentally lucrative for sellers, and Fontana has been no exception. For the majority of the year, people have generated consistent commentary on the real estate market and the way the demand has influenced current conditions. These trends have been eye-opening and shocking to everyone, mainly due to the unexpected, consistent influx of property buyers. For the first three quarters of the year, the market has persistently stayed in ranges that denote a high demand for homes from buyers. While having high demand in the market is wonderful for sellers, there is a certain level of competition and price gouging that the seller-focused market gains after a while.

 

When selling something that is in such high demand, it is often possible that your home will sell with any price tag. Some buyers in the Fontana market are aware of this and set their budgets and negotiating expectations accordingly. It is common for sellers to navigate a seller's market in a few different ways. The high demand can easily drive the price up without any outside effort from the seller. Some capitalize on this and aim to set their initial price even higher than usual and even aim to negotiate or accept bids for higher prices.

 

On the contrary, other sellers take the opposite approach, utilizing the other higher prices in the area to make the lower price of their property more appealing to buyers. A home that is of the same quality as the rest of the homes in the area but with a ten percent (or more) lower price will often be eye-catching to a buyer or their agent.

 

Either selling tactic can work if done with a realtor that is skilled and understands the pricing theory in relation to current market conditions. However, an equal distribution of both tactics can begin to cause issues for the sellers of homes with higher prices. Sellers that continue to inflate their home prices as some fellow local sellers work to lower their prices to become more attractive, homes with higher prices will be overlooked as buyers favor the better prices without the compromise of quality.

The ebb and flow of these tactics combined with mortgage rates that have been seeing equally astonishing fluctuations have begun to slow the market down incrementally. As the seasons change and the winter gets closer, that plays a part in market conditions as well. The real estate market in Fontana slowing down during the colder months is a common trend across the entire country. As holidays come closer, the focuses shift from purchasing a new home to spending family time and closing the year off strong. The large amounts of time off in November and December are further reasons fewer sales are typically closed in the winter months.

 

Pair the market conditions in the astronomically high prices with looming uncertain economic factors, and the future of the 2023 real estate market can appear to be dicey. The demand for homes has not diminished, but with certain groups, the ability to purchase has been impacted due to soaring home prices. 2023 is quickly approaching, and it is likely buyers and sellers desire to do whatever possible to prepare for market conditions in the upcoming year.

 

The idea of pricing your home to sell without undercutting the home’s value is essential, especially when working in areas like Fontana that are especially known for being vacation properties. If selling a home is an ideal part of your upcoming year, keeping market conditions in mind is crucial to start reducing the possibility of your property being on the market for an undetermined amount of time.

For buyers, preparing your finances and negotiation tactics will be monumental in the upcoming year, especially if the market continues to be full of homes that are listed at premium prices. Regardless of which side of the real estate coin you fall on, finding your way around the intricate ins and outs of the Fontana real estate market forecast can only properly be executed with the assistance of a realtor that is well-versed in real estate trends both locally and throughout other markets in the state that may pose as means for a competition or examples.

 

Market conditions are liable to change with factors like the economy and even local or major national events. Keeping an eye on all of these important and detailed factors would be an unrealistic expectation for someone who would like to sell their property and is not a licensed real estate professional. That is where your realtor comes in. Buying or selling, Donna Brongiel has the fine-tuned expertise to make sure your real estate deal is a success. Contact her today to discuss possibilities in the 2023 real estate market.

_{*Header photo courtesy of Donna Brongiel}