More Perspectives on The Real Estate Market 2023
After record shattering 2021 the 2022 market was one of uncertainty as higher mortgage rates reduced buyer demand and slowed the pace of home sales. But what about 2023?
Let's take a look at what folks are saying:
“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. However, instead of being dejected, now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
https://www.housingwire.com/articles/the-red-hot-housing-market/
The 2023 forecast from the National Association of Realtors (NAR) says:
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs...." Realtor Magazine
“. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Danielle Hale, Chief Economist at realtor.com
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
Lawrence Yun, Chief Economist at NAR
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