“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.
Just Listed! 1884 Belt Street
Check out the latest listing by Donna Variale!
Well maintained, 5 bedroom, 2 bath Expanded Cape!
#brookhamptonrealty
Virtual School Is Changing Homebuyer Needs
With remote learning sweeping the nation this year, organized spaces with room for kids to learn effectively are high on buyer wish lists.
Homebuyer Traffic Is On the Rise
Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. Are you ready to make a move?
Have You Ever Seen a Housing Market Like This?
2020 will certainly be one to remember, with new realities and norms that changed the way we live and real estate is no exception.
The 2020 Homebuyer Wish List
The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
Homebuyer Demand Is Far Above Last Year’s Pace
If your current home doesn’t meet your family’s needs, let’s connect to help you sell your house and make the move you’ve been waiting for.