What Experts Are Saying About the 2023 Housing Market (Appleton, WI)

What Experts Are Saying About the 2023 Housing Market

Are you thinking about buying or selling a home soon If so you will want to see what the housing market is most likely to do this year. The market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand in 2022. It has slowed the pace of home sales and moderated home prices. But what is going to happen in the months of 2023 An article from HousingWire offers this perspective The red-hot housing market of the past 2 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. The experts have agreed that we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here s what they have to say.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 . . . Danielle Hale Chief Economist at realtor.com adds . . . buyers will not face the extreme competition that was commonplace over the past few years. Lawrence Yun Chief Economist at NAR explains home prices will vary by local area but will net neutral nationwide as the market continues to adjust 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. 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. Bottom LineThe best way to ensure you re up to date on the latest market insights is to partner with a trusted real estate advisor. Let s connect Wizards of Real Estate is on standby. Steven RedBeard VertzOwner Operator Managing Broker RealtorWizards of Real EstateAppleton WI 54913(920) 209-1079WizardsofRealEstate.com realestate homeownership homebuying realestategoals realestatetips realestatelife realestatenews realestateagent realestateexpert realestateagency realestateadvice realestateblog realestatemarket realestateexperts realestateagents instarealestate instarealtor realestatetipsoftheday realestatetipsandadvice