Real Estate in Plymouth Michigan – If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?
According to HousingWire, “The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.” Real Estate in Plymouth Michigan
What about 2023?
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.
2023 forcast from the National Association of Realtors
According to NAR, “While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .” Real Estate in Plymouth Michigan
Danielle Hale, Chief Economist at realtor dot com, adds....
“. . . buyers will not face the extreme competition that was commonplace over the past few years.” Hale is the Chief Economist at RealtorDotCom
Lawrence Yun, Chief Economist at NAR
Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust. “After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.” Real Estate in Plymouth Michigan
Mark Flemming, Chief Economist at First American
Mark Fleming, Chief Economist at First American, says: “The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” Real Estate in Plymouth Michigan
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SO WHAT'S THE BOTTOM LINE for Real Estate in Plymouth Michigan?
Are you or someone you care about looking to buy or sell Real Estate in Plymouth Michigan this year? The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. CONTACT US TODAY to discuss your dreams and goals!