Local Real Estate โ€ข February 21, 2023

A Look Into The 2023 Housing Market

What is the 2023 housing market Forecast according to the experts? Hi, Iโ€™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, โ€œThe red-hot housing market of the past 2.5 years was characterized by 3 percent mortgage rates, fast-paced bidding wars, and record low inventory. But the market has changed, and now is the opportunity for everyone to become re-educated about what a typical housing market looks like.โ€ So what can we expect from a typical housing market? According to the experts, we should see the return of greater stability and predictability in the housing market this year if inflation continues to ease and mortgage rates stabilize. The National Association of Realtors forecasts that โ€œWhile 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of normalcy where mortgage rates are expected to stabilize and home prices moderate after recent highs.โ€ Nationally, prices should not fluctuate drastically but will vary by local areas. According to Mark Fleming, Chief Economist at First American, โ€œThe housing market will benefit from continued strong demographic-driven demand and an overall long-run shortage of supply.โ€ So, not the roller coaster market of the last couple of years but a much more stable one. If you want to learn more about what you can expect in the 2023 housing market and see more data, feel free to reach out to me. Whether looking to buy or sell, I can help with your real estate needs. Maya Crelan Ray, your Santa Cruz Realtor and I hope you have a wonderful day!