Chuncey Foreman Denver Colorado Realtor & Real Estate

  • Facebook
  • Google+
  • Instagram
  • LinkedIn
  • Twitter
  • Home
  • Free Resources
    • Free Home Evaluation
    • Free Property Alerts
  • Search
    • Advanced Search
    • Map Search
  • Blog & Updates
  • About
    • About Chuncey
    • Testimonials
  • FAQs
  • Contact

Insights on the 2023 Housing Market

January 9, 2023 By Chuncey Foreman

Blog Image

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a significant shift as economic uncertainty, and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

 

An article from HousingWire offers this perspective:

“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.”

This year, experts agree we may see the return of more excellent 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 Line

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 advisor. Let’s connect.

Filed Under: Buyers, Housing Market Updates, Sellers

Recent Posts

  • 2023 Housing Market Turnaround
  • Should You Rent Your House or Sell It?
  • Where Will You Go If You Sell?🤔
  • Don’t Fear Foreclosure Headlines
  • 3 Factors That Affect Home Affordability
  • JAN 2023/FEB 2023 NEWSLETTER 🎙️
  • Want To Sell Your House? Price It Right.
  • 2023 Pre-Approval: What to Know
  • Have Home Values Hit Bottom?
  • Housing Market during Past Recessions
* * , *
Equal Housing
Blue Fire Group    Real Estate Websites
© 2023 Copyright
LAC
Buying Buddy    Powered By Buying Buddy ®