Market Info January 1, 2023

Market Forecast 2023

In 2022 we saw major shifts in the market. Home Prices: Some experts think home prices will drop next year, though the forecasted decline is higher in the new home market. Moody’s Analytics expects house prices to drop by 10 percent next year due to rising housing costs and mortgage rates. Mortgage Rates: Although there is a lot of uncertainty, some experts think that rates will dip or level out in 2023. Economic Outlook: Fitch Ratings’ most recent global economic outlook predicts a mild recession despite job growth remaining “exceptionally strong” and growing consumer spending. The good news? A recession does not mean that a housing crisis is on its way. If you have plans to buy or sell a home in 2023, call me and we can talk!