What Experts Are Saying About the 2023 Housing Market

<article class="post-602810 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-602810"><span class="entry-date">January 9, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">What Experts Are Saying About the 2023 Housing Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=What+Experts+Are+Saying+About+the+2023+Housing+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-experts-are-saying-about-the-2023-housing-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="What Experts Are Saying About the 2023 Housing Market Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/what-experts-are-saying-about-the-2023-housing-market-KCM.webp" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%!;(MISSING)" width="358"/>If you’re thinking about <a href="https://www.simplifyingthemarket.com/2023/01/02/what-are-your-goals-in-the-housing-market-this-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">buying or selling</a> a home soon, you probably want to know what you can expect from the <a href="https://www.simplifyingthemarket.com/2022/12/27/confused-about-whats-going-on-in-the-housing-market-lean-on-a-professional/?a=712984-fa409495d5d70154d03a25e81e9540e2">housing market</a> 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 <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=712984-fa409495d5d70154d03a25e81e9540e2">2023</a>?<!–more–>
<p>An article from <em>HousingWire</em> <a href="https://www.housingwire.com/articles/the-red-hot-housing-market/">offers</a> this perspective:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and <a href="https://www.simplifyingthemarket.com/2022/12/16/2023-housing-market-forecast-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a> stabilize. Here’s what they have to say.</p>
<p>The 2023 forecast from the<em> National Association of Realtors </em>(NAR) <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy">says</a>:</p>
<blockquote><p>“<em>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, .</em><em> . . </em><em>mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”</em></p></blockquote>
<p>Danielle Hale, Chief Economist at <em>realtor.com</em>, <a href="https://www.realtor.com/research/2023-national-housing-forecast/">adds</a>:</p>
<blockquote><p><em>“. . . <strong>buyers will not face the extreme competition</strong> that was commonplace over the past few years.”</em></p></blockquote>
<p>Lawrence Yun, Chief Economist at NAR, <a href="https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy">explains</a> home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:</p>
<blockquote><p><em>“<strong>After a big boom over the past two years, there will essentially be no change nationally </strong></em><strong>. . </strong><strong><em>.</em></strong><em> Half of the country may experience small price gains, while the other half may see slight price declines.”</em></p></blockquote>
<p>Mark Fleming, Chief Economist at <em>First American, </em><a href="https://blog.firstam.com/economics/why-the-housing-market-may-begin-to-stabilize-in-2023">says</a>:</p>
<blockquote><p><em>“The housing market, once adjusted to the new normal of higher mortgage rates, <strong>will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply</strong>.” </em></p></blockquote>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re looking to buy or sell a home 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. Let’s connect.</p></div>
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