Greetings, fellow homeowners and homebuyers! We’ve finally made it to the end of 2021 – a year we all wished would end ASAP. With the holiday season in full swing, it’s time to start planning for the new year ahead of us. As we look forward, let’s take a look at the housing market forecast for the rest of 2023.
The housing market has been #goals for most of 2021, and while predictions for 2022 look promising, the rest of 2023 is a much more muddled picture. At present, many economists expect the housing market boom to continue, with increasing foreclosure rates and sustainable housing prices.
According to a recent report, 2023 will see an increase in new housing construction, which may help alleviate some of the current property inventory shortages. Additionally, the low mortgage interest rates that were available in 2021 and 2022 are not projected to last during the later half of 2023. So, if you’re considering refinancing your mortgage, you’ll have to do it sooner rather than later.
For those of you thinking about selling your homes, here’s a word of advice: 2023 may not be your best opportunity for optimal pricing, so be cautious. We’ve all heard the cliché that the real estate market is all about location, location, location, but timing is another essential factor to consider.
Homebuyers should expect to see increased competition in some neighborhoods, and the best properties may be more challenging to come by. Due to the continued low-interest rates, it’s an excellent time to lock in a fixed-rate mortgage, so don’t wait until 2022 to buy. Alternatively, if you’re waiting to cash in, an increased foreclosure rate might hit in 2023, so that’s something to be wary of.
In conclusion, the outlook for the housing market in 2023 is pretty optimistic, not as bullish as 2022, but it is still a good deal. A strong economy set the foundation for a stable housing market, with increasing foreclosure rates and new housing construction promising to re-balance the inventory in some parts of the country. For homeowners, it might be wise to hold on to your properties, while for homebuyers, the earlier you lock in a fixed-rate mortgage, the better. And as we get ready for the holiday season in 2022, let’s toast to a prosperous and healthy 2023!
