Did You Hear The Great News With The Housing Market?
We all know what the last couple of years have been like for the housing market – pretty much a roller coaster ride, from high buyer demand, skyrocketing home prices, and multiple offers in 2020 and 2021, along with the highest interest rate hikes that we have seen in many years, during 2022, resulting in a significant market shift last year, with a much slower market caused by high mortgage rates, we all can agree it's been a crazy ride!! But guess what? Experts are now forecasting a turnaround in the market for this year.
As we move into the year, there are signs things are finally turning around.
Recent reports show home price appreciation, once again, and multiple offers are back! The 12% decline in home values last year, coupled with interest rates coming down quite a bit, from their mid-year highs, is making housing more affordable. Mortgage rates are coming down and inflation is easing. All of this is causing overall market activity to pick up.
According to Lawrence Yun, chief economist for the National Association of Realtors, and I quote "Mortgage rates have fallen in the recent past weeks, so I am very hopeful that the worst in home sales is probably coming to an end." So, it’s important for us to know that experts are saying that we are not in a declining market, but a market of deceleration, meaning that homes are appreciating at a more normal rate.
So, if you have been thinking about making a move this year, whether buying or selling, a turnaround in the housing market could be exactly what you need and have been waiting for!
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!