This is what you can expect to happen in 2023’s housing market.
Are you ready for 2023? This past year has been quite the ride, so most people are wondering what the next year will bring. 2022 included many ebbs and flows, but I believe that the year was lacking rhythm. Things might be a bit bumpy in 2023, but I do believe it will have much more flow.
First, know that 2023 is slated to have more inventory and lower rates, which are great things. Interest rates are expected to be around 5.5%, which makes people who have only been in the market the past few years worry, but experienced people know this is a great number. I’ve seen rates get up to 18%, so when I tell you that anything under 8% is great, you can believe me.
"2023 is slated to have more inventory and lower rates."
I firmly believe next year will have more rhythm, but what do I mean by that? I compare it to the Dallas football team. This year they had a great game one week, then in the next week they barely squeaked by against a team that should’ve been easy, and commentators said it was because the quarterback didn’t have his rhythm.
This rhythm, or predictability, is what our market has been lacking, and now things will stabilize. Some sellers haven’t responded yet to the changing market, and their prices are still high, but most homes are evening out now. Plus, one great thing for today’s buyers is they can negotiate now and don’t have to rush past important things like inspections. They can take time to make sure they love the house and feel comfortable with what they’re buying.
I believe that the craziness of the market in the past couple of years was once in a lifetime, and it won’t happen again. Therefore, if you've been sitting on the fence and waiting for those conditions to come back, I would encourage you not to do that.
I wish you the best year yet in 2023! If you need an expert to help you engage in the buying and selling processes, no one is better than the Graves Group. Call or email us anytime, and we would be happy to hear from you.