Wondering what housing experts are calling for in 2023 and how it impacts your plans?
The links at the bottom of this page are the references for this video.
Quotables from Industry Leaders
While the slowing housing market has some expecting a crash in 2023, next year will likely be more humdrum, albeit still painful as the market continues to cool before an expected uptick in 2024, according to economic experts across the real estate industry.
In general, experts predict a more balanced market between homebuyers and sellers where home prices will either flatten, dip slightly or rise slightly while mortgage interest rates continue to decrease after a rapid rise this year and inventory bumps up marginally but not enough to make up for affordability challenges.
Inman News
The slowdown in home sales transactions that began as mortgage rates surged in 2022 is expected to continue, leading to a moderation in home price growth and tipping housing market balance away from sellers.
Danielle Hale-Chief Economist for Realtor.com
Zillow’s Research Team Findings
Zillow’s research team predicted the affordability challenges that come with higher rates would mean more buyers will purchase homes with friends and family and more homeowners will become first-time landlords next year as they hold onto investment properties previously bought with record-low mortgage rates.
“A Zillow survey fielded this spring found that among successful recent homebuyers, 18 percent had purchased along with a friend or relative who wasn’t their spouse or partner, and 19 percent of prospective homebuyers intended to buy with a friend or relative in the next 12 months,” Zillow’s research team wrote in a report outlining its 2023 predictions. Read The Benefits of Multigenerational Households
2 Big Questions for 2023
1. When Will New Listings Start Appearing on the Market?
Anyone wanting to buy a home in 2017 knew that the inventory was low and that it was important to know when a home came on the market. It looks like we may have a similar situation in 2023 again where knowing the market is critical to getting the home of your dreams. Take a look at the video below to see what months had the most new listings.
Tip: You may want to save this post and return in a few days when we’ll have the 2022 stats ready to view!
2. How Do You Find Homes That Just Lowered Their Price?
You can do your own research with our Price Checker! Simply choose the city of interest and find out which properties have lowered their price in the last day, 3 days, 7 days, 2 weeks, or last month!
Click Here to Try it Now
Let’s connect so you’re prepared for what’s coming in 2023. Call Finding Homes for You at 636-532-4200!
References for Expert Insights Video
Bankrate Housing Market Predictions for 2023
Realtor Magazine Forecast: Market to Regain Normalcy
First American-Why the Housing Market May Begin to Stabilize in 2023