2023 Housing Market

Buyers looking towards the housing market in 2023 may be pleased to find that there are changes and progress being made for more stability. 2022 was marked by inflation, causing mortgage rates to skyrocket - an unprecedented occurrence. As a result of this volatility, some buyers decided it best to put their plans on hold until something felt predictable again next year. If all goes according to plan, however, you can expect steadier home prices due to Federal Reserve initiatives designed to reduce inflated costs while reinvesting in homeownership opportunities!

Mortgage rates were volatile this past year, leaving many homeowners and buyers wondering what to expect for 2023. While no one can predict the future with full accuracy, experts agree that inflation will be a strong indicator of mortgage rate movement. Currently, forecasts show we may see some stabilization within the 5.5% - 6.5% range in the coming months- an exciting prospect compared to 2022's uncertain market!

While the housing market saw a surge in prices during the pandemic, experts now have mixed opinions when it comes to predicting what will happen with home values this year. Inflation will be the major factor this year that will determine how much prices are affected by the increase in home supply.

I think the 2023 housing market boils down to a buyer's monthly payment. As mortgage rates hopefully settle, it will be wise for buyers looking at the housing scene this year to stay ahead of any shifts in inflation - and that’s where a trusted real estate advisor comes into play. Get connected with me and my preferred lender(s) today and make sure you don't miss out on your perfect home!