Will 2023 CRASH or BOOM!
Are you considering buying or selling but don't know if it's the right time?
- Concerned about paying top dollar just before a market crash?
- Concerned about waiting to buy and having to pay more because values continue to rise?
- Concerned about waiting to sell in the hopes prices continue to rise but worried that the market will drop?
All these are valid concerns. No one can predict the future with 100% accuracy. With that said, an educated guess, based on market statistics and the expectations of real estate professionals, can indicate trends that can be trusted with reasonable confidence.
So, what do the trends say?
It's mixed but experts lean towards a slight decline in home values in 2023! It may not be the same everywhere, in fact, in some areas, home values are expected to increase a bit, but on the whole, the real estate market is pointing towards a dip.
Experts who believe a price drop will happen.
- According to Freddie Mac, home prices are expected to drop 0.2%.
- Wells Fargo expects home prices to fall 5.5%
- Morgan Stanley, Goldman Sachs and Moody's Analytics all predicts home prices will fall somewhere between 5% and 10%.
Experts who believe prices will be level or increase slightly.
- Zillow predicts a slight 1.3% overall increase in value, but some regions see up to a 7% decline.
- Fannie Mae says home prices will moderate but do not predict a decline.
- The number of buyers and sellers will remain strong
- The number of home sales will continue to increase
It’s definitly a slowdown.
The home market of the last few years is gone.
- The housing market will shift in favor of buyers.
- Mortgage rates will remain in the 7% range.
- Homes will take longer, and longer to sell.
Is the housing market going to crash in 2023?
Most experts say no, with some saying prices will rise, if slightly, in 2023. Yes, there are those few who say it may. Most indicators show that the economic downturn is not severe enough to cause a crash. Additionally, there is still a pent-up buyer demand who have trying to buy from before the COVID crisis.
So, how can you buy or sell with confidence?
“Don’t wait to buy real estate, buy real estate and wait.” This famous quote often attributed to Will Rogers is still sound advice today. No matter what the market, waiting to buy real estate is rarely a good thing. Buying your home and waiting is the proven way to financial security and wealth. Owning your home should never be considered in the short term. It's a life-long investment.
There are many individual reasons affecting when and when not to buy. One thing is sure, you need a trusted real estate professional to help advise you. Military Home Services is that trusted real estate professional. Realtors® in our network have been vetted for their experience, reputation and passion to help military members, veterans and their families. In addition, we are your independent advocate. We are their to help from your enrollment to your closing.
If you are considering buying or selling, enroll today and get the help you need to move forward. ENROLL HERE