2023 could mark a turning point in which the housing market give hopeful homebuyers a fairer shake. Here are real estate trends to watch for in the coming year.
The 2020s have mistreated home buyers. 2023 could mark a turning point in which the housing market gives them a fairer shake. Here are real estate trends to watch for in the coming year.
“There will be some things for buyers to look forward to in 2023,” Danielle Hale, chief economist for Realtor.com, wrote in her housing forecast. “There will be more homes for sale, homes will likely take longer to sell, and buyers will not face the extreme competition that was commonplace over the past few years.”
These high mortgage rates pushed many would-be buyers to the sidelines, and home sales plunged because fewer people could afford to buy. Some forecasters believe lower rates might resuscitate those homebuying dreams in 2023. On one end of the spectrum, Realtor.com predicts that the median home price will rise 5.4%. The National Association of Realtors forecasts a price increase of 2.5%.
“We squeezed a decade of home price appreciation into two years,” Palacios said on the Altos Research “Top of Mind” podcast. Second, homeowners might be tempted to become landlords, wrote Taylor Marr, deputy chief economist for Redfin, in the real estate brokerage’s 2023 forecast. “Many homeowners will rent out their homes rather than sell because they don’t want to lose a low rate. There will be an influx of single-family homes for rent,” he predicted.
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