A Look Into the 2023 Housing Market
What is the 2023 housing market forecast according to the experts? If you are in the market to buy or sell this year, what can you expect from the current housing market?
According to Housing Wire, “The red-hot housing market of the past 2.5 years was characterized by 3% mortgage rates, fast-paced bidding wars, and record low inventory. But the market has changed, and now is the opportunity for everyone to become re-educated about what a typical housing market looks like.” So, what can we expect from a typical housing market?
According to the experts, we should see the return of greater stability and predictability in the housing market this year if inflation continues to ease and mortgage rates stabilize. The National Association of Realtors forecasts that “While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of normalcy where mortgage rates are expected to stabilize and home prices moderate after recent highs.”
Nationally, prices should not fluctuate drastically but will vary by local areas. According to Mark Fleming, Chief Economist at First American, “The housing market will benefit from continued strong demographic-driven demand and an overall long-run shortage of supply.” So, not the roller coaster market of the last couple of years but a much more stable one.
If you want to learn more about what you can expect in the 2023 housing market and see more data, so that you can make the best, most informed decisions, feel free to reach out to my team and me. Whether you are looking to buy or sell, we can help with your real estate needs.
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!