Break Out The Bubbly
Posted by Richard on January 12, 2023
The new year will almost certainly bring home buyers more homes to choose from and better prices, experts say.
According to MarketWatch, a fresh group of new construction homes will come on the market in 2023 as builders complete projects, some of which were stalled due to supply problems.
Meanwhile, buyers might see prices dip in many markets by mid-year. That is great news for buyers who now have about 1.2 million homes on the market. But that number could rise to even 2 million.
Sellers should act
For sellers, that means the time has come to get their homes on the market early in the year.
A key consideration for the market in 2023 is mortgage rates. Buyers will find rates higher, but still low in the historical context. Mortgage rates are coming out of an unnaturally low period, and will in turn cool the real estate market to an extent and make more houses available. One analyst did the math to find the 51-year mortgage average to be about 9.08 percent — substantially higher than today’s mortgage rates.
Life changes rule
As always, buying and selling homes has a lot to do with life, not just numbers. Job changes mean selling one house and buying another, for example. And some people will still be selling and buying to move nearer to family or get the kids in better schools. No matter what the reasons, when you have to make the move, do it with confidence because the market continues to move with or without us. It will still be a great 2023!