01/31/2023
We're just about done with January 2023 and it is time to start talking about what the housing market has looked like. While no one has a crystal ball, here's what experts see coming in view for 2023.
1. Home prices will rise, but slower than in years past. Realtor.com predicts an average increase of 5.4%.
2. Mortgage rates are predicted to hover around 6.375%, four percentage points higher than the historic lows of 2021.
3. Some buyers will consider creative ways to pursue homeownership, like pooling their resources, down payment assistance, and negotiating with sellers for concessions and rate buydowns.
4. Inventory will trail pre-pandemic levels but will be up 21% giving buyers more options to choose from and far less competition.
If your budget allows and you have been looking into that perfect neighborhood, I would love to crunch the numbers for you and research those perfect neighborhoods to find you your dream home!
Mortgage rates will hover around 6.25-6.5%, four percent
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