2022 has been a crazy year in real estate. The year began with the number of home sales increasing from month-to-month and low interest rates. However, in the last few months that has all changed. Recently, we have seen interest rates soar and the number of home sales decrease. The price paid for homes has slowly increased throughout the year.
So what does 2023 have in store? According to the experts at Realtor.com, they expect the number of homes sold to stay low throughout the year, as they don’t expect interest rates to drop much. One area that is expected to increase in the number of homes available. Home prices are, also, expected to remain high in 2023. One the plus side, with the higher interest rates and lower home sales, there will be more homes on the market.
Some market experts believe a recession could happen next year. This could lead to mortgage rates, home prices, and home sales falling. However, the folks at Realtor.com do not see that happening.
Read the Original Article Here: 2023: The Year of the Homebuyer? Our Bold Predictions on Home Prices, Mortgage Rates, and More