What Will The Housing Market Do Next?

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MINT HILL, NC – It has been a crazy couple of years and it’s not over yet when it comes to the real estate market. Whether you want to search for houses for sale in Mint Hill, NC, or in another market, you’ll find all kinds of interesting predictions right now.

One bold prediction coming from CoreLogic is that home prices will rise by about 3% in 2023. If they are correct with this prediction, the prices at the end of this year would be back to the highest levels of the boom of June 2022.

While this is a rather positive and bold prediction, KPMG has a forecast for the housing market that isn’t so positive. KPMG believes the prices will fall by about 8% by the end of 2023. That’s an 11% gap between the two predictions and there is certainly plenty of room in there for both to be wrong.

Will Home Prices Rise or Fall in 2023?

Others are predicting home prices becoming more affordable in 2023. The main driver of this type of prediction is the rising interest rates that are already pricing many buyers out of the market.

With fewer buyers willing to take on a new mortgage, and lots of homeowners refusing to sell due to the higher interest rates, it seems as though prices have to come down.

Many experts believe mortgage rates will fall in 2023, which could help home prices rise instead of fall. However, this doesn’t seem to be the trend right now, and who knows how the recent banking issues will impact rates or how the Fed will respond.

The Fed has already indicated the rate increase will be smaller for 2023, but this could change, too. Even smaller rate increases can impact mortgage rates quite a bit.

A Few Quick Tips for Homebuyers in 2023

While the predictions and forecasts are all over the map, they might not have a huge impact on whether or not you buy a home this year. If you’re planning to purchase a home for sale in Mint Hill, NC, consider these tips:

  • Set Your Budget and Watch the Market Closely
  • Get Preapproved Early in the Process
  • House Hunt for the Long-Term
  • Work with an Expert Local Real Estate Agent

While experts can make forecasts and predictions all day long, the truth of the matter is, they are often wrong. Many experts are just making educated guesses as several things can happen that impact the real estate market and home prices.

Use the tips above and be prepared for what could happen, no matter which prediction you choose to believe. If you think it’s time to buy a home in 2023, don’t let scary predictions get in your head. Speak with a real estate agent that knows your local market, which might be completely different compared to the national market trends.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  I will help you make the right move! Anna Granger (704) 650-5707 | annagrangerhomes@gmail.com | www.1stchoicepropertiesinc.com

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NC/SC Broker, Realtor®, MBA; SPS (Strategic Pricing Specialist); SFR (Short Sale and Foreclosure Resource); ePro (Internet Professional); ABR (Accredited Buyer Representative); Bi-Lingual: English, German. Contact Anna Granger, 1st Choice Properties, Inc. – (704) 650-5707,