Some analysts have a positive point of view of the 2023 real estate market, whereas others are forecasting doom and gloom. This begets the question: Do you want to put your home buying or selling goals on hold due to someone else’s interpretation of the market?
“It seems we have already reached the bottom of the low home sales activity,” says Nadia Evangelou, senior economist and director of forecasting for the NAR. “And with mortgage rates stabilizing near 6%, we expect the housing market to turn around in 2023 and rebound in 2024.”
Jeremy Siegel, Wharton professor of finance, “I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside,” Siegel told CNBC, noting that housing prices by any indicator are going down.
There are oodles of articles with quotes from a variety of professionals including bankers, economists, investors, real estate agents, real estate brokers, news organizations, professional trade groups such as the National Association of Realtors (NAR) and more. However, it is imperative to realize each article expresses ones’ opinion. Said quotes are not generated by someone who has a crystal ball per se’, so predicting the future is quite frankly-a crap shoot. It is best to evaluate your own goals and focus on what is in your personal best interest.
Do you have a desire sell your home and relocate? Perhaps you have a growing family or wish to downsize. Maybe you live in the city and dream of living in the country or having lived in the country would like to give city life a whirl. Could be that you are tired of maintaining your own property and would like to buy a condo and let someone else handle the exterior maintenance for a change. The list of dreams and possibilities is endless. Why would you wait until someone else says the time is right? It is your life. Quite frankly, we must all consider ourselves blessed when we wake up on the green side of the grass, as no one knows what tomorrow will hold. Embrace whatever you goal is and focus on achieving it.
Buyers, there are numerous lending products available and myriad of ways to explore them either on your own or via use of tools per se’ – such as the assistance of a professional which may include an Accountant, Attorney, Lender, Real Estate Agent, Real Estate Broker, Realtor and more. Do some investigative research and interview everyone until you find you have the tools you need to achieve your goals.
Sellers, you too have numerous tools at your disposal either as a traditional For Sale By Owner or with myriad of Flat Fee MLS Listing Service and Full Service Options, you can best determine whether your primary focus is your profit margin or if you prefer to pay someone top dollar to do all the work for you. Additionally, there is always the option to keep it as a rental and I will discuss this option in a another blog.
As a Real Estate Broker and compassionate human, I genuinely wish all 2023 home Buyers and Sellers the best of success at achieving their goals and seeing their dreams come true.
Joan Elflein, Broker / Ohio Broker Direct