“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.
Home Prices Increase in Every Price Range
If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value.
Things to Avoid After Applying for a Mortgage
The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature.
Watch The Video: 43 Marc Drive, Ridge
Well maintained 3 bedroom Ranch located on a quiet block. Features energy saving solar panels and a private backyard with Koi pond.
Watch The Video: 65 North Woods Road, Baiting Hollow
Beautifully kept home located on cul-de-sac on Long Island’s desirable North Fork. Plenty of space for your family – inside and out!
Watch The Video: 15 Carlile Court, Center Moriches
Spacious 5 bedroom Victorian, located on a quiet street in Center Moriches!
6 Graphs Showing the Strength of the Current Housing Market
Is it time for you to get back in the market? Make sure to determine what’s happening in your local market so you are fully informed.