What do the experts have to say about the 2023 market and will it be different than this year? 🤔
Let’s start by recognizing that the past several years have been unprecedented in real estate!
🏘️ So, as we look toward a new year, here’s what we might expect –
NAR’s Chief Economist, Lawrence Yun, “expects home sales to decline by 7%, while the national median home price will increase by 1%, with some markets experiencing price gains and others price declines.
Yun also projects a strong rebound for housing in 2024, with a 10% jump in home sales and a 5% increase in the national median home price.”
We can also predict that:
👉 There won’t be a housing crash. The conditions that led to the ‘08 crash were nothing like today.
👉 Inventory (or availability of homes for sale) will still remain low.
👉 Signs point to mortgage rates topping out.
👉 The rental market will continue to be competitive.
👉 The concept of a “buyer’s” or “seller’s” market, may be replaced with a more balanced market.
As for my prediction, I know that you’ll need an experienced pro to guide you through whatever the market brings. So, whether you have a question or need help, don’t hesitate to reach out in 2023!
