Monday, April 17, 2023 / by Ameil Gill
SPRING MARKET FORECAST
Now that we have entered the “spring market,” it’s an opportune time to discuss market forecasts and anticipate what’s in store for those who are considering buying or selling a property this year.
Here are what experts are expecting in the housing market for 2023:
1. Home prices will rise, but slower than we have seen in the past 2 years. Experts predict an average increase of 5.4% nationwide.
2. Mortgage rates will stabilize between 6.5-7%
3. Thanks to the jump in interest rates, buyers have less buying power in 2023. The typical mortgage payment will be 28% higher, pricing some buyers out of the market.
4. Inventory will trail pre-pandemic levels but will be up 22.8% from 2022, giving buyers more options to choose from and less competition.