“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.
Experts Predict Economic Recovery Should Begin in the Second Half of the Year
It may be a bumpy ride, but a turnaround will begin sooner than later.
6 Reasons Why Selling Your House on Your Own Is a Mistake
During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process.
Housing Market Positioned to Bring Back the Economy
As the economy begins a recovery later in 2020, economists expect housing to play a leading role.
#1 Financial Benefit of Homeownership: Family Wealth
While home price growth will moderate during the pandemic, most experts agree that will change again once a vaccine is available.
Will the Housing Market Turn Around This Year?
Home sellers are gearing up to list their homes once the economy reopens. Buyers are eager to take advantage of low interest rates.
A Surprising Shift to the ‘Burbs May Be on the Rise
Today, moving outside the city limits is more feasible than ever, especially as Americans become accustomed to remote work.