A Look Ahead: Graphical Representation of the Housing Market Forecast for 2023 [INFOGRAPHIC]
1. Rising Home Prices
- Forecast: Home prices expected to continue rising in 2023.
- Impact: Sellers may benefit from increased property values.
- Advice: Consider selling if you've built significant equity.
2. Mortgage Interest Rates
- Forecast: Mortgage rates projected to remain relatively low.
- Impact: Attractive rates may drive buyer demand.
- Advice: Buyers should take advantage of favorable financing.
3. Inventory Levels
- Forecast: Inventory levels anticipated to improve slightly.
- Impact: More options for buyers, easing competition.
- Advice: Sellers should price competitively to attract buyers.
4. Millennial Homebuyers
- Forecast: Millennial homebuyers to dominate the market.
- Impact: Shift in demand towards starter homes and suburbs.
- Advice: Target marketing to appeal to millennial preferences.
5. Smart Home Technology
- Forecast: Growing demand for smart home features.
- Impact: Homes equipped with technology may command higher prices.
- Advice: Consider adding smart features to enhance property value.
6. Impact of Remote Work [Visual Element: Image of a laptop and a home office]
- Forecast: Remote work to continue influencing buyer preferences.
- Impact: Home offices and flexible spaces in demand.
- Advice: Highlight home features suitable for remote work.
- Want to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.
- Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool.
- Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.