We’re rounding the corner on 2022 and quickly heading toward a new year. That makes this a perfect time to prognosticate real estate matters for 2023. With mortgage rates escalating higher, home sales — and, in some areas, home prices — hitting the brakes, and increased uncertainty felt throughout the market, many homeowners, prospective sellers and prospective buyers are nervous about next year.
And for good reason. Consider that, at the time of this writing, the average 30-year fixed-mortgage rate is 7.04 percent. The inflation rate is an alarming 8.2 percent. And sales of previously owned homes dropped 1.5 percent in September from August to a seasonally adjusted annual rate of 4.71 million units, per the National Association of Realtors, which means that existing homes are selling at the slowest pace observed in 10 years.
We reached out to several industry experts, each of whom offered interesting forecasts and projections about where mortgage rates, home prices, buyer competition, housing supply, sales activity and home affordability are headed in 2023. Curious what the pros think? Read on for their evaluations and predictions.
-copy-dd1f2bf0.jpeg?w=600)
