Articles abound on the topic of the 2023 Real Estate Market. So, we will review the expert takeaways on real estate in 2023.
2023 Real Estate Market Predictions from the Experts
First, we look to a bank rate article. Rick Sharga, executive vice president of Market Intelligence for ATTOM Data Solutions says, “Days on the market have been climbing back toward more normal levels recently, and we could see them approach 30 days (about 4 and a half weeks) or more in 2023 as the market continues to cool down.” However, home prices will not drop due to low inventory.
In December 2022, Realtor magazine wrote about an uptick in home-buying activity at the beginning of the year, especially if mortgage rates continue receding from a recent high of 7%. And, Investopedia.com sees a possible unseen benefit.
The positive aspect is that this economic slowdown will bring inflation under control. Increased measures of inflation are already showing that it may finally be turning a corner.
Here is the takeaway.
Firstly, respect the cycle.
Secondly, if you can be one thing, be specific.
Thirdly, if there is any good news about 2023, it is how bad 2022 was.
Zillow’s 2023 Real Estate Predictions Just In!
Looks like Dallas will be the 4th hottest market for real estate. The other three on top of the list are Charlotte, Cleveland, and Pittsburgh.
Anushna Prakash, economic data analyst at Zillow, said in a statement. “The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work. The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they’re shopping in one of the hottest markets.”
Now let us talk about what is happening locally in real estate for the Dias Team.
Commercial Real Estate 2023 from the Dias Team
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