Will the Housing Market Crash This Year?
With the rapid shift that’s happened in real estate in the last 12 months, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many reasons why today’s housing market is nothing like 15 years ago.
One of the biggest reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. While you may have seen recent stories about the number of foreclosures rising today, context is important.
WHAT WILL HAPPEN WITH THE HOUSING MARKET IN 2023?
As we enter another year of uncertainty for the housing market, there’s one big question on everyone’s minds right now: will the 2023 housing market follow the same trajectory, or will it start to heat up again?
In today’s market, the most powerful tool you have to beat your competition is knowledge.
So, let’s take a deep dive into the latest housing market projections for 2023 so you have the knowledge and confidence to educate your clients and crush your goals this year.
2023 HOUSING MARKET PROJECTIONS
The past year has been full of volatility and misleading information about what’s happening or what’s going to happen in real estate. Beginning the year with the same momentum seen in the prior two, inflation led to a fast and unexpected cooldown fueled by the largest and fastest rise in mortgage rates ever seen.
Taking all of that into consideration, here’s what industry experts anticipate for the 2023 housing market.
Will Home Prices Go Up or Down?
n the past 12 months, there’s been a lot of mixed information about what will happen with home prices in the near future. Homes are staying on the market longer. We’re not seeing a large influx of new listings, suggesting we’re returning back to the seasonal norms we typically see this time of year. Plus, the newest data shows an uptick in price drops for current listings in the later half of 2022.