BUYERS MARKET IN 2023

Once the home sale market got past the pandemic induced slowdown, starting in the back half of 2020, a buying frenzy ensued fueled by remote work, desire for more “elbow” room and minimized commuting considerations.

Then the government poured gasoline on the fire with record low interest rates and on top of that handed out free money to almost every American.

Suddenly, home buyers outnumbered home sellers by a large margin. This created a home Sellers’ Market of epic proportions that lasted into 2022.

Overwhelming demand meant buyers had no bargaining power and so caused prices to skyrocket.

That market is now in the past.

I am confident that 2023 will be a golden opportunity to buy homes for occupancy or rental, and I am not alone.

From the late September Zillow report:

“…a [housing] market firmly in favor of buyers is expected next year, according to a majority of economists and housing experts polled in the latest Zillow Home Price Expectations Survey.”

From the California Association of Realtors:

Similarly, a 2023 housing market forecast issued by CAR said that buyers could enjoy less competition, more supply, and a “favorable market environment” next year.

2023 will be characterized by:

More homes available and more time to sell

Buyers will have power to negotiate, and great deals will be made on price

Current higher rates should decline as 2023 progresses

The refinance market will be strong in 4Q2023 and 1Q2024

The time to buy is now as the first half of 2023 will present great buying opportunities