Many experts weigh in on what we can expect for the 2023 housing market.
If you are in the market to buy or sell this year, what can you expect from the current housing market? This is a question I have been getting a lot lately, so I am here to shed some light on the subject.
According to Housing Wire, “The red-hot housing market of the past two-and-a-half 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.”
Then 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 market should be much more stable.”
The National Association of Realtors predicts this: “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 in each local area.
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.” Therefore, the market will be much more stable and not as much of a roller coaster.
If you want to learn more about what you can expect for the 2023 housing market and see more data, feel free to reach out to my team and I. Whether you’re looking to buy or sell, we can help with your real estate needs, so call or email us anytime.
