“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.
A 365 Day Difference in Homeownership
Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits.
Have You Budgeted for Closing Costs?
Closing costs are typically between 2% and 5% of your purchase price. Have you planned for this expense? Our agents are here to help you with all your real estate needs!
Millennials Are on the Move As First-Time Homebuyers
National Association of Realtors’ statistics show ‘Old Millennials’ (ages 25-36) are dominating the first-time homebuyer category.
What is the Best Investment for Americans?
Some are reporting that there is trepidation regarding the real estate market in the United States. Not exactly! 🙂
Is A Bigger House Within Your Budget?
At this time of year, many families come together to celebrate the season and often realize that their homes are just not big enough! Is that you? Are you ready for a bigger house?
5 Reasons to Sell This Winter
Strong demand and less competition are only 2 reason why you shouldn’t wait until spring to list your home. Are you ready to make a move?