Boom, what a crazy year it has been in real estate. After the absolute buying frenzy of 2020 and 2021, it seems like the 2022 housing market came to a screeching halt for both buyers and sellers.
We have seen higher mortgage rates, low inventory, sluggish home sales, and high inflation take a significant toll on the market. I hear you asking, when are things gonna get better?
I wish I could pull out my crystal ball and tell you for sure. Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station.
Lawrence Yun, chief economist of the National Association of Realtors, gave his prediction for 2023. According to Yun, even with all the shifts in rates, inflation, and prices, we may see a further uptick in home prices in 2023. He says, “For most parts of the country, home prices are holding steady since inventory remains low.”
On the upside, distressed property sales or foreclosures are almost non-existent; at just 2% nationwide, it’s nowhere near the crash of 2008. And because home equity has boomed over the last two years, short sales are almost impossible. Yun also predicted an increase of 1% nationally in the median home price and predicted some markets will fare better than others depending on the location.
What all this translates to for you is we aren’t exactly sure yet what rates and inflation will be doing but we are pretty dang sure there will still be low inventory and prices will still go up. My advice if you want to buy a home is…buy a home.
Rates go up and down. As soon as you close on your home and start making payments you are building equity and gaining buying power for later on when things have finally leveled out. Chances are by then your lifestyle will require a different type or size home and everything will work out perfectly.
Let’s get you in touch with a lender to see what price range you get pre approved for and then get busy home shopping. I’m here waiting on you, give me a call! I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
