“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.
Mortgage Rates Hit Record Lows for Three Consecutive Weeks
A lower monthly payment means savings that can add up significantly over the life of a home loan.
Just Sold! 78 Aspen Road, Mastic Beach, NY 11951
Another home SOLD by Jessica Markovic of BrookHampton Realty! Let us help you with your next move! 🏡😎
Buyers: Are You Ready for a Bidding War?
The imbalance between supply and demand is pushing home prices upward while driving more bidding wars and multiple-offer scenarios.
Americans Rank Real Estate Best Investment for 7 Years Running
Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years.
Not All Agents Are Created Equal
Hiring a trusted professional who has a finger on the pulse of the market and is eager to help you learn will make your experience an informed and educated one.
Best Time to Sell? When Competition Is at an All-Time Low
Home purchasers are still very active despite the disruptions American families have experienced this year.