“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.
4 Big Incentives for Homeowners to Sell Now
The key to continued success in the residential housing market is for more listings to come on the market. Are you ready to sell?
Americans Find the Nonfinancial Benefits of Homeownership Most Valuable
The non-financial side of homeownership is most valued after a year full of pandemic-driven challenges.
Patience Is the Key to Buying a Home This Year
Low inventory in the housing market isn’t new, but it’s becoming more challenging to navigate.
Will the Housing Market Maintain Its Momentum?
Experts have forecasted that total home sales (existing homes and new construction) will continue their momentum into next year.
4 Tips to Maximize the Sale of Your House
Despite the speed and opportunity for sellers, there are still steps you can take to prep your house so you get the greatest possible return.
Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home
To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb.