“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 Recession Does Not Equal a Housing Crisis
Experts predict a potential recession on the horizon. But, housing will not be the trigger; home values will still continue to appreciate.
Top Priorities When Moving With Kids
If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.
What’s the Latest on Interest Rates?
As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing.
Experts Predict a Strong Housing Market for the Rest of 2019
The housing market will be strong for the rest of 2019. Let’s get together to discuss what’s happening in our area.
A Latte a Day Keeps Homeownership Away
Saving just a small amount each day will get you to the average down payment you may need for homeownership faster than you think.
5 Easy Steps to Avoid Overwhelm from Media Overload
Don’t let the plethora of seemingly conflicting information on the housing market stop you from moving forward with your life.