The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.
Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
Bottom Line
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.
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About Us
We are Jamie and Sandi Ehresman, happily married and happily teamed up to rock this thing called Real Estate in our little neck of the woods (Central Texas, that is 😊).
When we’re not working, we’re hanging out in downtown Bastrop with friends, enjoying local food and music, dancing around our kitchen while making dinner, kayaking down our local piece of the Lower Colorado River, starting a new home project, traveling to far-off places with family…you get the idea!
Part of what makes both our marriage and our business work so well is that we complement each other perfectly. Together, we are able to attend to every detail, jump every hurdle, solve every problem, and go the extra mile to ensure an extraordinary experience for you and yours.
But beyond that, we are interested in the relationships we are building even more than the transactions we are working, as important as those are. We want you to call us, to work with us, to build a lasting relationship with us. We MEAN it. We are here for you.