“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.
The Cost of a Home Is Far More Important than the Price
Thanks to today’s lower interest rates, even with the price increase, you would still save $61 in your monthly mortgage payments.
Is the Economic Recovery Beating All Projections?
Is the U.S. economy and labor market are recovering from the coronavirus-related downturn more quickly than previously expected?
Homes Across the Country Are Selling Fast
Buyers are actively searching for and purchasing homes at a record-breaking pace.
How Low Inventory May Impact the Housing Market This Fall
Considering selling your house? Let’s talk about how you can benefit from the market trends in our area.
The Surging Real Estate Market Continues to Climb
Though there is some evidence that the overall economic recovery may be slowing, the housing market is still gaining momentum.
Two New Surveys Indicate Urban to Suburban Lean
Americans are feeling less enamored with living in a large city and may be longing for the open spaces in suburban and rural areas.