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House Market Predictions for 2023: What To Know

house-market-predictions

Real estate professionals across the country are preparing themselves for the new year by researching house market predictions for the 2023 season. With the current state of the housing market, it’s important for those planning to purchase or sell their property shortly to stay ahead of the curve by doing proper research. Here are some predictions to keep in mind for the 2023 housing market. 

Potentially High-Interest Rates

With the fight against inflation still ongoing, it’s expected that higher interest rates will follow as a result. Some say we could see as high as 9% interest at the beginning of 2023. The rise in interest rates may cause a decrease in the demand for homes, but that’s expected to be temporary. Experts believe that interest rates will decrease once we’re in a recession. 

Bold Buyers Will Find The Market To Be In Their Favor

Every year, ambitious, young homebuyers enter the market with the intent to score a deal on their first home. However, with the high-interest rates that have been predicted, this phenomenon isn’t likely to occur until later in the year when prices haven’t seen a noticeable jump.

Some of the more eager buyers may not be so patient. One house market prediction states that those who are brave enough to buy now will be met with a greater inventory, less competition, and the ability to negotiate with sellers. 

Expect A Strong Spring Market

Unlike typical years for buyer behavior, one house market prediction states that the 2023 spring season may see more traffic than any other season that year. The market is expected to be slow in the beginning due to high prices and interest rates. By mid-year, market traffic is predicted to slowly pick up into the latter half of 2023. That rampant increase is expected to begin during spring. 

New Year, New Home!

The new year brings new opportunities for homebuyers. At Venture Title Agency, we’re here to ensure all your real estate needs are met, so you aren’t left to deal with any unexpected claims on your property. Call today to schedule an appointment with one of our title insurance professionals.