What the experts are saying about the Housing Market in 2023!

If you're thinking about buying or selling a home in 2023, you may be wondering what to expect from the housing market this year. After the market shifts of 2022, with economic uncertainty and rising mortgage rates slowing home sales and moderating home prices, many are hoping for stability and predictability.

An article from HousingWire: (Housing Wire) offers this perspective: "The housing market of the past 2 ½ years was marked by low mortgage rates, fast-paced bidding wars, and record-low inventory. But lately, the market has changed. Now is the opportunity for everyone to become re-educated about what a 'typical' housing market looks like."

The National Association of Realtors (NAR) predicts that 2023 will bring "long-lost normalcy" back to the housing market, with stabilized mortgage rates and moderated home sales and prices after recent highs. To read more about NAR's predictions: (NAR Article) According to Danielle Hale, Chief Economist at Realtor.com, buyers can expect less competition than in recent years.

Lawrence Yun, Chief Economist at NAR, notes that while home prices will vary by local area, they are expected to net neutral nationwide as the market adjusts. Mark Fleming, Chief Economist at First American, believes that strong demand driven by demographics will continue to support the housing market, despite an overall shortage of supply. To read more about Mark's Article: (Mark Fleming Article)

If you're looking to buy or sell a home in 2023, staying informed about the latest market trends and insights is always a good idea. Working with a trusted real estate professional can help you make informed decisions and achieve your real estate goals. The 808 Team would love to help you through the process.