Sherry Campbell | February 6, 2023
The month of January flew by, and as we head into February, experts are weighing in on what we can expect with the real estate market in 2023.
According to Ted Jones, Stewart Title’s chief economist and Vice President, 2023 will be a tough year for home sales as mortgage rates remain high and the country goes into a Recession. Other experts are predicting that interest rates will drop to 5.2% by the end of the year, and the recent drop in interest rates this month is definitely a good sign.
As an optimist and a realist, I want to believe that home sales will head in a more positive direction than what we saw the last half of 2022. We are already seeing signs of buyer confidence increasing as many of our listings went under contract quickly with some having multiple offers.
It is clear that buyers will approach this market with more caution than they did in 2020-2021 since the affordability factor has shifted and the idea that home prices will probably continue to decline is on everyone’s mind. However, the lack of inventory is still creating a bit of a frenzy when a remodeled home that is priced well goes on the market.
In my opinion, the shock of the higher interest rates has settled down and many buyers are adjusting to the “new normal” of what they can expect to pay for a mortgage. The slight dip in rates is just a bonus for anyone looking to buy right now.
However, I agree with Ted Jones 100% that our inventory levels will remain low this year. Sellers who are sitting on interest rates below 4% will not be motivated to sell their homes this year so it will be slim pickings for buyers.
We did see a surge in leases this month, and many homes that sat on the market for lease in the last quarter are going under contract quickly. The relocation activity has picked up again as oil and gas companies align with new projects in 2023.
Whether you are hiring Energy Realty to Buy, Sell, or Lease your home, we are prepared to offer professional advice in this shifting market.
Enjoy the warmer temperatures with your loved ones this Valentines Day and don’t forget to celebrate Black History Month.
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