This blog will cover the housing market forecast for homebuyers in 2023. The housing market of May 2023 may look different than it does today. According to recent predictions, total housing completions will likely decrease slightly in the coming year. While this may concern some, it is essential to note that the mix of housing types may change.
As we look toward a hopeful future for the local housing markets, there is a lot of anticipation and excitement for what lies ahead in 2023. The ever-changing housing market has seen many rollercoaster rides over the past few years, and the forecast for 2023 is no different.
Overall, the housing market forecast for May 2024 will likely look different than today. Total housing completions are expected to decrease slightly, but the mix of housing types is likely to shift. The shift in housing could be attributed to several factors, including changing demographics, rising home prices, and a growing preference for walkable neighborhoods.
Number of Houses Being Built
The number of houses built in the US 2020 was 1.6 million, a record high reported to the National Association of Home Builders. This number is expected to drop slightly in 2023, with estimates ranging from 1.5 million to 1.7 million.
The decrease in new construction could be attributed to many factors, including a decline in the availability of labor and building materials and a potential drop in demand due to economic uncertainty. Despite the expected decrease in total housing completions, the mix of housing types is likely to shift.
Single-family homes are expected to remain the most popular type of housing in 2023. Still, the demand for other types of accommodation, such as apartments and townhomes, is likely to increase. This shift in the mix of housing types could be given to some factors, including changing demographics, rising home prices, and a growing preference for walkable neighborhoods.
Housing Market Forecast For 2024
The housing market forecast for 2024 is also expected to be more competitive. With more people looking to buy houses, competition for the same properties will exist. This could mean higher prices and more opportunities for sellers to get a good deal. In addition to new construction, the housing market forecast 2024 is expected to be influenced by technology.
Smart homes are becoming increasingly popular, which will likely continue into 2024. Innovative home technology can help buyers find the perfect house for their needs and help sellers market their properties more effectively.
Overall, the housing market in 2023 is expected to remain strong and continue its upward trend. With the anticipated increase in new construction and the influence of technology, the housing market is expected to stay competitive. This could mean higher prices for buyers and more opportunities for sellers to get a good deal.
Housing Market Forecast in 2023 from a Realtors Perspective
The housing market, in general, has been a hot topic of conversation over the past several years, with the market experiencing a steady price increase since 2017. As we move into 2023, experts predict the market will remain steady and strong. This is great news for those looking to buy or sell a home shortly. But what does this mean from a Realtor’s perspective?
Let’s look at the housing market forecast for 2023 and what it means for Realtors. The housing market forecast 2023 predicts that home prices will continue to rise. This is due to several factors, including low-interest rates, a strong economy, and a shortage of housing supply.
Realtors will have an excellent opportunity to capitalize on the market. Those who can find great deals and negotiate favorable terms for their clients will be able to make a great living in the coming years. In addition to rising home prices, the housing market forecast 2023 also predicts that demand for housing will remain strong. This means that Realtors will have plenty of opportunities to find buyers for the homes they are representing.
Housing Market Forecast Comparison Homeowners Versus Renters
Buyers will be eager to buy homes in the coming years, so Realtors must be prepared to find the best deals. Finally, the housing market forecast 2023 predicts that the rental market will remain strong. This means that Realtors will have plenty of opportunities to find tenants for rental properties they are representing. Wendy Lahn, director of DIY Credit Check at Gustan Cho Associates, said the following:
Lenders should also take advantage of the current market conditions and provide competitive rates and terms to potential buyers. With the right approach, the housing market in 2023 should be strong and continue to be a great opportunity for homebuyers.
Realtors can capitalize on the market as demand for rental properties increases by helping landlords find quality tenants. Overall, the housing market forecast for 2023 is good news for Realtors. The market is expected to remain strong, with prices rising and the need for housing remains high. Realtors will have many opportunities to make a great living in the coming years. Those who can find great deals and negotiate favorable terms for their clients will be in an excellent position to take advantage of the market.
Housing Market 2023 from a Lenders Perspective
As we look ahead to the remainder of 2023, the housing market’s future is top of mind for many lenders. With the current market conditions, it can take time to predict the future. However, some key factors can help us understand the housing market in the coming years. One of the first things to consider is the current state of the economy.
With the continued projected growth of the economy, the housing market is expected to remain robust and continue its upward trend. One of the most significant changes to the housing market 2023 is the expected increase in new construction. This is due to the increased demand for housing and new homes to meet that demand. New construction is expected to be a significant driver of the housing market in 2023, and it means more affordable housing options for home buyers.
Coming out of the pandemic has greatly impacted the housing market, with many areas experiencing a decrease in home sales. While this has been an unsettling time for many, it is also an opportunity for lenders to take advantage of the market and provide better financing options to potential buyers.
Housing Market Forecast and The Mortgage Markets
Another key factor to consider is the availability of financing and loan products. This is a great opportunity for buyers to take advantage of the market and get a better deal on their mortgage through creative financing.
In addition to the country’s current state of the economy and availability of financing, the housing market in 2023 will also be affected and determined by the current trends in home construction.
With the demand for new homes increasing, builders will likely continue to build more homes in the coming years. This will help to keep the local housing market strong and competitive. New construction will help ensure an adequate supply of homes for potential buyers. Finally, it is also important to remember to consider the effect of the new tax laws.
Housing Market Forecast and Tax Benefits For Homeowners
The tax laws have made it easier for homebuyers to deduct certain expenses from their taxes, such as mortgage interest and property taxes. This can keep costs down and help make owning a home more affordable for buyers, stimulating the housing market. Overall, the outlook for the housing market in 2023 is positive. Ronda Butts of Gustan Cho Associates shares the following:
With the current economic conditions, availability of financing, and new tax laws, buyers should be able to take advantage of the current market and find the best home for their needs.
Ronda has successfully guided many homeowners through obtaining a home on both the lending and real estate side. She does not represent buyers or sellers but offers free consultation in 48 states at Gustan Cho Associates by connecting homeowners, buyers, and sellers to the needed sources.
Housing Market 2023 from a Mortgage Brokers Perspective
A mortgage broker also provides lending, but they work alongside the lender. They are a powerful resource for borrowers as they can sometimes have hundreds of choices that are greatly in demand in the current market. A bank, credit union, or specific lender may only have one product to offer, whereas a mortgage broker has many lenders competing for your business with unique loan products. John Strange of Gustan Cho Associates shares the following:
It may be one of those loan products that is the best financing alternative in this market, so it is wise to see what the mortgage brokers are seeing for the remainder of 2023. The mortgage broker says the housing market in 2023 will likely remain strong, with prices continuing to rise.
Hoping to see lower mortgage rates and increasing the demand for local housing will likely increase prices and create a competitive market. As the economy recovers and settles from the pandemic, more people will be looking to purchase a home, leading to increased competition and higher prices. In addition to rising prices, mortgage brokers are hopeful that mortgage rates will lower in 2023. Low mortgage rates mean that buyers will be able to afford to borrow more money and will be able to have larger homes. This could further increase the demand for housing and drive up prices even more.
Housing Market Forecast For First-Time Homebuyers
The current housing in some markets is also experiencing an increase in first-time buyers. With low mortgage rates and rising prices, first-time buyers may struggle to compete with more experienced buyers.
Mortgage brokers are confident that first-time buyers will still they can look for and find a home in 2023 as long as they are willing to be patient and take the time to find the right property.
Overall, the housing market in 2023 is expected to remain strong, with prices continuing to rise and mortgage rates staying low. This is good news for homeowners and potential buyers, as they will have more options. However, it is important to remember that the housing market is unpredictable, so staying informed and prepared for any changes is important.
Housing Market Forecast in 2023 from the General Publics Perspective
With this in mind, it’s time to take a look at what the housing market forecast for 2023 is from the general public’s perspective. The current housing market will likely continue to be strong in 2023, with prices rising due to high demand.
Overall, the current housing market is expected to remain strong in 2023. Prices will continue to climb due to high demand. This could lead to a rise in construction and development, which would help to alleviate the housing shortage.
This is due to a large population growth increase and a housing supply shortage. The housing market is also expected to benefit from plans for infrastructure spending and tax incentives. This could lead to greater activity in construction and development, which would help to alleviate the housing shortage.
What is The Housing Market Forecast For 2023
The general outlook for the housing market forecast in 2023 is positive. However, some areas of concern could affect the market, such as rising interest rates or a potential economic downturn. According to Ronda Butts of Gustan Cho Associates, explains the following:
It is essential to monitor the local and national markets and be prepared to make quick decisions if necessary. If you should decide to buy, before you begin looking for a home and during the process, we have vast experience working with buyers to get them ready to purchase their dream home.
We can take you through the entire financing process for your home loan. We also can connect you to title companies/attorneys and real estate agents in your area that can help as needed. Call or text Ronda Butts at 407-460-7999 or email at ronda@gustancho.com for more information and further assistance. Ronda is an experienced, dually licensed real estate agent and mortgage originator.
