“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.
Do I Really Need a 20% Down Payment to Buy a Home?
Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.
Why Owning a Home Is a Powerful Financial Decision
In today’s housing market, there are clear financial benefits to owning a home including the chance to build your net worth.
Want to Build Wealth? Buy a Home This Year.
A financial advantage to owning a home is the wealth built through equity when you own a home.
Turn to an Expert for the Best Advice, Not Perfect Advice
An agent can give you the best advice possible based on the information and situation at hand.
What Record-Low Housing Inventory Means for You
The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.
What Happens When Homeowners Leave Their Forbearance Plans?
If we do experience a higher foreclosure rate, most experts believe the current housing market will easily absorb the excess inventory.