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Des Moines Homebuyers: What to Expect in 2023

Mar 16, 2023 | Industry News

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Are you considering buying a home in Des Moines, Iowa, this year? There's no doubt that the real estate market is looking very different from what it did several years ago. In order to get the best deals and not miss out on any great opportunities, it pays to be informed. Here are some of the forecasted trends that people in Des Moines can expect when trying to buy a home in 2023. 

 

Population Increase

The population of Des Moines has already grown by 1.5% since the last census; and with a growth rate of nearly 0.5% annually, this trend continues on the upward swing. This means that more people will be looking for homes, and this could lead to higher demand – and ultimately higher prices. Additionally, more people also means more businesses, which could lead to more job opportunities and improved infrastructure. This could also result in more competition among buyers. According to Gina Swanson, a local agent at CENTURY 21 Signature Real Estate in the Des Moines metro area, the Midwest's housing market is generally shielded from the significant fluctuations experienced in larger cities. Nevertheless, she pointed out that although housing inventory in Des Moines is increasing, it still falls short in comparison to the number of interested buyers.

 

Prioritizing Location and Amenities

Given the expected population growth and potential rising home prices, it’s likely that many people will be prioritizing location when searching for their next home – not just because it’s important for convenience, but also because certain locations may retain or appreciate their value better than others over time. Buyers will also be considering amenities like schools, shopping centers, parks, and recreational facilities when looking at potential homes, because these factors can all affect both quality of life and resale value down the road.

 

Digital Tools

On another note, here's a trend that will help make your search for your home search easier! Digital tools are playing an even bigger role in real estate transactions than ever before. From online listing services to virtual tours and even 3D imaging software that allows you to virtually walk through homes before you ever set foot inside them – digital tools are making it easier than ever for people to find homes that fit their needs without having to physically visit each property, one by one. Buyers can also use digital tools like mortgage calculators and loan comparison sites to help them understand exactly how much they can afford before committing to a purchase agreement with a seller. 

 

It’s always wise to do some research before entering into any financial transaction, especially one as large as buying a home; and understanding forecasted trends can help inform those decisions. By being aware of what to expect when trying to buy a home in Des Moines over the next year and beyond, prospective buyers can ensure they make wise choices and find their perfect dream home.

If you’d like to talk more, get pre-approved for a mortgage, or meet some experienced, local Realtors, please reach out to us. We’re always happy to help.

 
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