If you’re thinking about buying or selling a home this year, you probably want to know what to expect from the 2023 housing market. Last year, the market underwent a major shift with higher mortgage rates and economic uncertainty. It reduced buyer demand, slowed home sales, and moderated home prices. But what’s in store for 2023?
Greater Stability for the 2023 Housing Market
HousingWire, the most influential source of news and information for the mortgage and housing markets says, “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. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
Experts agree that this year we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize.
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, . . .”
Chief Economist at NAR, Lawrence Yun explains that home prices will vary by local areas, and will net neutral nationwide as the market continues to adjust. He further stated, “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.”
Danielle Hale, Chief Economist at realtor.com, stated, “. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Mark Fleming, Chief Economist at First American, says “The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
A Downers Grove Trusted Real Estate Company
If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate company like Wenzel Select Properties. Our team will offer you expert real estate assistance tailored to meet your needs for buying or selling a home.
When you are selling your home and need to find a reliable and professional real estate company, contact Wenzel Select Properties. Our Real Estate Brokers are experienced and dependable and will assist you with all your home-selling needs.
You may already have an idea of what your home is worth and probably have seen what other homes in your neighborhood have sold for. Real Estate Brokers at Wenzel Select Properties will prepare a comparative market analysis (CMA) for you that is an in-depth analysis of what your home is worth compared to homes in your area.
When buying a home, you can use this useful checklist we put together for you. The items listed are some of the guidelines that you may want to consider. Buying a home can be stressful, and Wenzel Select Properties wants to make sure you are prepared so it will make your home-buying experience much smoother. Our Downers Grove Real Estate company will offer you superior real estate expertise and unparalleled customer service. Call us today at 630-430-4790.