2023 Real Estate Market: What To Expect
As the housing market experiences a shift from a seller’s market to more balanced conditions, experts have differing predictions for 2023. What can we expect in terms of home sales, prices, and market trends?
The real estate market in 2023 remains uncertain, with experts differing in their predictions for the year ahead.
While some predict a decline in the market, others believe that the market will continue to grow.
In this article, we will examine the predictions and trends of the real estate market in 2023 and what factors are expected to influence the market.
Foreclosure Rates Remain Low
Foreclosure rates remained near record lows throughout most of 2022, with a low of 0.2% in February and remaining at 0.3% through October. The reason for this is that 99% of borrowers have locked in low mortgage rates that helps prevent them from making late payments or defaulting on their mortgage.
The predictions for 2023 vary, with some firms having a bullish outlook while others are relatively bearish.
Zillow, for example, predicts that U.S. home values will fall just 1.1% between November 2022 and November 2023.
Meanwhile, Moody’s Analytics predicts a 5.1% decrease in national home prices between the fourth quarter of 2022 and the fourth quarter of 2023.