WHAT'S IN STORE FOR THE REAL ESTATE MARKET IN 2023?

Dated: April 15 2023

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As a real estate broker, I'm often asked about the state of the housing market, and I can confidently say that we're currently experiencing a period of stabilization and growth. In the first half of 2022, the market saw a historic decline in home sales, but this trend has since reversed due to improved buyer confidence, tight supply, and slight declines in home prices and mortgage rates, which have improved affordability.

According to the CoreLogic Home Price Index, we're already seeing positive signs of growth. After seven consecutive months of home price declines, the index detected a 0.8% increase in February, indicating that home prices in most markets have already bottomed out. Furthermore, CoreLogic's forecast model expects US home prices to rise by 3.7% between February 2023 and February 2024, which is just below the average annual return since 1987. This is great news for sellers who were hesitant to list their homes during the market decline.

However, it's important to note that not every market will experience the same growth, and some markets may even experience corrections in the second half of 2023. Factors such as high demand and limited supply can make certain markets more vulnerable to fluctuations. Therefore, as a buyer or seller, it's essential to stay informed about trends in your local market and work with an experienced real estate agent who can provide guidance on how to navigate these fluctuations and make informed decisions.

Overall, the US housing market is in a much better place than it was a year ago, and we're seeing positive signs of growth. As a real estate broker, I'm excited about what the future holds for buyers and sellers, and I believe that with the right strategies in place, we can all benefit from the opportunities that this market has to offer.

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John Scarpa

Choosing the right partner for your real estate journey can make all the difference, and that's where John comes in. With a solid track record dating back to 2008, he's successfully closed over 1,000 ....

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