As we approach 2023, it’s time for the prognostications and predictions for what the housing market will bring in the coming year. Just like clockwork, Realtor.com has come out with their annual forecast where they say that, while homebuyers & renters hoping for some financial relief in 2023 will likely be disappointed, they won’t get whiplash either. Indeed…
“While the Realtor.com 2023 forecast anticipates home and rental prices will keep climbing next year, the increases will be much more modest than the huge surges seen earlier this year. Mortgage interest rates, which have become the bane of many first-time and other buyers who can’t pay all in cash, will remain high. But they aren’t expected to substantially rise again.”
“Sales are expected to continue falling as buyers simply can’t afford the onerous combination of towering home prices and high mortgage rates. Home and rental prices have been falling from their peaks over the summer, but they’re still rising year over year.”
Click here to read the full report at Realtor.com.