A common thought in real estate is never to list your home in the winter. Perpetuated by industry experts, agents, and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring peak to list their homes. However, studies show that homes listed in the winter winter sell faster than those in the spring, and sellers also net more than the asking price.
Bernice Ross of Inman recently interviewed Rick Sharga, the executive vice president for market intelligence for Attom Data, about his predictions about general trends and foreclosures. Attom Data has been tracking foreclosure data since 1996. As a result, Sharga often gets asked if we should expect another foreclosure tsunami in 2023 like the one we experienced during the Great Recession.
So what can we expect for real estate in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here’s what several industry experts predict will happen to the U.S. housing market in the coming year.
Over the past few years, a real estate buying frenzy bid up home prices to eye-popping amounts. However, as mortgage rates have risen, buyer demand has cooled. Consequently, home sellers who enter the market today may need to reset their expectations.
Mayor Michelle Wu knows that talking about housing policy makes some people’s “eyes glaze over.” But that didn’t stop her from getting into the weeds during her monthly appearance yesterday on Radio Boston. And she also made several bits of news.
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The Realtor.com website released its 2023 housing market predictions last week, stating that mortgage rates will be above 7%, rents will outpace home prices, and overall home sales will decline.It also predicted 100 of the largest local markets in the United States.
You don’t have to break the bank to celebrate the holidays in style—even in this inflation season. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings.
Cut through the online clutter and armchair quarterbacking of the real estate industry with these ten predictions from Windermere Real Estate Chief Economist Matthew Gardner. This article appeared in Inman, Hickman-Coen Home Team is a subscriber.
