The slowdown in sales that began in February 2022 will continue into next year as buyers contend with comparatively high mortgage rates, low inventory and still high home prices.Īccording to the experts we talked to, sales are likely to remain sluggish heading into the spring buying season before picking up during the latter half of the year. This year, skyrocketing mortgage rates, rising monthly payments and loss of buying power have brought the market to a near standstill. In 20, record low interest rates, double-digit home price increases, low inventory and bidding wars galore had buyers in a frenzy. All loans are subject to credit approval. “With more economic stability, that really could bring more overall balance to the market.” “The last few years ping-ponged between a really aggressive market and a cooling market,” says Taylor Marr, deputy chief economist at Redfin.
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And though the full picture may not be rosy, it does mean a much less hectic housing market. All were optimistic that, even though there will be an economic downturn, we may manage to avoid a deep recession.
These are questions every expert we spoke to considered when making their forecasts for next year. Will inflation continue to abate? Will there be a recession or will the Federal Reserve deliver a so-called “soft landing”? In 2023, the most important factor to watch will be what happens in the broader economy. So what does the housing market have in store for us next year? The last three years have been a whirlwind with the housing market going from scorching hot to icy cold in what seems like the blink of an eye. Don't wait any longer, start your journey today! Becoming a homeowner is closer than you think with AmeriSave Mortgage.
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