January 2023 Newsletter

What Experts Are Saying About the 2023 Housing Market

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.com, adds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” 

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

…at Keller Williams Success Realty last month.

In our area this month…

We are in the middle of another market shift, but don’t forget that shifts in the market are normal.

This is still a seller's market, but one that's shifting back to balance with the buy side, especially in Barrington, IL.

Things to remember:

- The right single offer can be better than a multiple offer situation

- Pricing your home appropriately will bring more buyer attention to your home (and ultimately a better sale)

Winter panzanella

Ingredients

  • 1 cauliflower, broken into florets

  • 100ml extra virgin olive oil

  • 250g good bread, such as sourdough or ciabatta

  • 2 red chillies, halved, deseeded and finely chopped

  • 4 garlic cloves, finely sliced

  • 8 anchovies, finely chopped

  • 35g raisins, soaked in just-boiled water and drained

  • 1 tbsp capers, rinsed of salt or brine

  • 4 tbsp roughly chopped flat leaf parsley

  • 5 radishes (preferably French breakfast radishes), finely sliced

  • 1 tsp white balsamic vinegar or white wine vinegar

  • juice of ½-1 lemon

Instructions

  1. Steam the cauliflower until it’s just tender (be careful not to overcook it), then set aside.

  2. Tear the bread into small chunks and heat 3 tbsp of the olive oil in a large frying pan. Fry the bread over a medium heat (in batches if it’s easier) until it’s golden all over – each batch will take about 4-5 mins to get a good color. Put all the bread back into the pan and add the chili, garlic and anchovies to the pan (with another tablespoon of oil if necessary) and sauté for a further 2 mins, making sure the garlic doesn’t get too dark. It should be golden, not brown. Tip the bread mixture into a broad shallow serving bowl and add the raisins, capers and parsley.

  3. Add the rest of the olive oil to the frying pan and, over a high heat, fry the cauliflower until tinged with gold. You want a really good color. Put the cauliflower in the bowl with the bread mixture, add the radishes, balsamic vinegar and the juice of ½ lemon and toss everything together. Season, but be careful about how much salt you use because of the anchovies. Taste to see if you need more lemon juice, or even more olive oil, and serve warm.

    Serves 4.