👇👇👇MY 2023 HOUSING PREDICTIONS!
It's a new year! So what can you expect for the HOUSING MARKET in 2023? Hey there, it's your market expert, Jenevieve Croall, with JLUX Homes Realty Group. Housing forecasts can be tricky with so many economic variables at play on the state, national, and global levels. But here's what I know from studying trends and listening to economic experts... Let's start with mortgage interest rates...
In 2023, interest rates are likely to be HIGHER than in 2022. Of course, this is in response to the Federal reserve trying to combat inflation. How does this affect home sales? I project that home sales will be LOWER in 2023 than this past year. Elevated mortgage rates combined with higher home prices have slowed buyer demand. It's important to remember that we just came off record-breaking years, so fewer home sales don't equal a housing crash. As for home appreciation rates, the average home appreciation price is looking to remain NEUTRAL for 2023. Let's face it, it was never sustainable to increase purchase prices at the rate they did over the last two years, and the pace of appreciation had to slow down or balance out, and that's exactly what I expect them to do this year. But remember, whether your home appreciates or not in value this year will ultimately be determined by what local market you're in and the demand for that area. So should you buy or sell this year?
The truth is that the market is constantly changing. You can't time the market perfectly, but rather make a move when it's best for your family. Every market has advantages and disadvantages, including a shifting market, and I'm here to guide you through them. If you have questions about how today's market might impact your 2023 estate plans, give me a shout! I'm here to help and will always have your best interest in mind.
Click this link to schedule a consultation to discuss how today's market affects your future real estate plans: https://jluxhomes.com/contact
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