10/02/2022
Now is the time for homeowners to prepare for selling their homes at highest and best value before the market shifts again in 2023!
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Read this post from Inman.
BY BEN VERDE
September 29, 2022
Home Sellers should prepare for the housing market to swing firmly in the favor of buyers before the end of 2023, according to a panel of 107 economists and housing experts. A majority of experts on the panel, surveyed by Zillow, agreed that rising mortgage rates are driving down competition among homebuyers, which will eventually result in a buyers’ market taking firm by the end of next year. The panel also observed that home price appreciation is slowing as a result of high mortgage rates, and it predicted that rental price growth will come to outpace inflation as potential homebuyers priced out of homeownership exert more pressure on the rental market. While the market has cooled, it’s still far from where it was pre-pandemic. According to Zillow’s most recent market report, the typical listings time on the market, while rising, is still 11 days shorter than it was in 2019. While inventory is ticking up, it remains 42 percent lower than it was in 2019. The panelists predicted annual rent growth of 5.4 percent throughout 2023 — lower than the 8.6 percent annual rent growth they predicted for the end of 2022. All 107 respondents predicted home price depreciation during 2023. NAR asks US Supreme Court to overturn pocket listing ruling. Are we really in a 'housing recession'?
