Amy Sisk

01/09/2023

What Experts Are Saying About the 2023 Housing Market

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?

An article from Housing Wire offers this perspective:

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.

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.

The 2023 forecast from the National Association of Realtors (NAR) says:

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, . . .

Danielle Hale, Chief Economist at realtor.com, adds:

. . . buyers will not face the extreme competition that was commonplace over the past few years.

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.

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.

Bottom Line

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. Le

12/20/2022

While the housing market has cooled this year, there’s still an imbalance between supply and demand. Even though buyer demand has eased because of higher mortgage rates, there’s still a deficit of homes for sale due to underbuilding over the past 15 years. If you’re wondering how this impacts your plans to buy or sell, DM me.

11/02/2022

Remembering Rodney flowers my wonderful friend and family had delivered yesterday. We love them and you!
RIP SON 🙏
12/30/98 - 11/1/21

10/27/2022

10/05/2022

The leaves are changing, and so are the temperatures. What's your favorite activity to do with your family in the fall? Visit an orchard, bonfire, or corn maze?

07/20/2022

Should You Buy a Home with Inflation This High?

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?

Greg McBride, Chief Financial Analyst at Bankrate, explains how inflation is affecting the housing market. “Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.”

No one knows how long it’ll take to bring down inflation, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty isn’t comfortable and there’s no denying it’s more...

While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?

07/19/2022

When it comes to mortgage rates, perspective is important. Rates have certainly risen since the start of the year, but they’re still low when you look at where they’ve been in the past. If you’re planning to buy a home this year, DM me to discuss why it’s still worth prioritizing your homeownership goals.

07/18/2022

Wondering Where You’ll Move if You Sell Your House Today?

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market.

>>An Existing Home Can Give You That Lived-in Charm
Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.

Plus, you can move in based on the timeline you agree to with the sellers, rather than building a new home and waiting for construction to finish.

Just remember, while more sellers are listing their homes, supply is still low overall, meaning you’ll still need to be prepared for a fast-moving market.

>>Purchasing a Newly Built or Under Construction Home Means Brand New...

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may ha...