Now that 2022 is behind us, what are forecasters predicting for the 2023 housing market? Hi, I’m Maya Crelan Ray with David Lyng Real Estate. Will it be the year of the Buyer or Seller, or both? According to Danielle Hale, Chief Economist at Realtor.com, she says and I quote, “It is going to be a tough year overall for both buyers and sellers, but we are going to see a better balance between the two.” We feel that most of the dramatic shifts in the 2022 market will taper off. Sellers will continue to see home prices keep climbing at a moderate rate but with longer days on the market. We anticipate that sellers can expect to see home appreciation rise around 5.4% this year, which is a significant drop from previous years but not a drastic decline as initially predicted. Homeowners should continue to see their home equity rise this year to an average of $25,000 nationally. For Buyers, we expect that they will see more inventory of homes on the market. In fact, housing inventory is predicted to be up 22.8% from 2022, giving buyers more homes to choose from. This increase in inventory is still lower than pre-pandemic, which will also help sellers. Mortgage rates are predicted to remain high, averaging about 7.4% for most of the year, and then taper off. This could affect overall home affordability making fewer people able to buy. Combining all these factors, it’s no wonder it could be the year for both the buyer and the seller. As always, it is best to consult your trusted real estate professional to give you the latest local market updates and insights. Feel free to reach out to me so I can help you make the most informed decisions, whether buying or selling in 2023. Thanks for watching and I hope you have a great day!
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Local Real Estate • February 10, 2023
2023 New Year Real Estate Market Predictions
by Maya Crelan Ray
Local Real Estate Santa Cruz Real Estate Market Update – February 2023 What’s up Santa Cruz, I’m Maya Crelan Ray with David Lyng Real Estate. Let’s look at what’s happening with the Santa Cruz California Real Estate market. At the time of this recording, there were 35 active single family listings in Santa Cruz, 20 pending homes, and 17 homes that sold in January. Homes sold for […]
Local Real Estate A Look Into The 2023 Housing Market What is the 2023 housing market Forecast according to the experts? Hi, I’m Maya Crelan Ray with David Lyng Real Estate. If you are in the market to buy or sell this year, what can you expect from the current housing market? According to Housing Wire, “The red-hot housing market of the past 2.5 years […]
Local Real Estate Home Inspections 👀 When Selling Your Santa Cruz Home 🏠 When and why should you consider having inspections done prior to listing your home on the market? In our area is it customary for the buyer to pay for inspections. But when would it be advantageous for a seller to do them prior to going active, here are a few examples as to why having […]