The beginning of a new year always brings with it a sense that change is on the way. After all, this year won't be the same as last year. Things will be different. But how? Well, if you're a prospective home buyer, one recent forecast has some ideas.
Released by a popular online real-estate portal, the forecast says 2023 should be an easier year for buyers, after two years of rapidly changing affordability conditions. Put simply, the housing market should begin to stabilize. Home price increases have slowed and values are expected to remain relatively flat in 2023. Prices may even fall slightly in markets where they skyrocketed over the past two years.
Similarly, mortgage rates, after spiking in 2022, may also begin to calm – especially if inflation and labor market tightness continue to ease. With rates and prices more stable, home buyers should have an easier time determining how much they can afford and what to expect when house shopping this year.
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