"Let's look at what experts think will happen in 2023."
The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.
Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
Bottom Line
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.
To view original article, visit Keeping Current Matters.
Selling This Fall? You Want To Get These 4 Things Right.
Selling your house this fall is absolutely doable. Buyer activity typically starts to slow while the number of homes for sale climb – and you need the right strategy to get attention in this type of market.
Selling This Fall? You Haven’t Missed Your Window
Getting your house sold this season comes down to how well it’s priced and presented, and that’s where a local agent shines.
Thinking About Tapping into Your 401(k) To Buy a Home? Read This First.
No matter which route you take, talk with a financial expert first. The buyers who come out ahead build a solid plan with the right professionals before starting their journey to homeownership.
Most Home Sales Close – Here’s How To Keep Yours on Track
Some reasons are outside a seller’s control, like whether a buyer’s loan clears or whether they sell their own home in time. But there are a few proactive things you can do to help make sure your sale goes as smoothly as possible.
Selling a Luxury House? Here’s Why Now Is a Good Time
High-end buyers tend to feel less of the affordability pressure weighing on many households today, so they keep buying even when the wider market slows.
More Homes, Better Prices: A Buyer’s Summer
Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids.