The housing market is nothing if not unpredictable. Mortgage rates have skyrocketed, and the market has taken a beating. But don’t expect 2023 to turn into a buyer’s market just yet, housing experts say. Home sales have plummeted across the board, with sales of existing homes dropping for 10 months in a row, a new record. And home-price growth has stalled.
Will 2023 will be a good year for prospective buyers? It depends on your location and your income, Odeta Kushi, deputy chief economist at First American, told MarketWatch. Others are less optimistic. “2023 will shape up to be a nobody’s market. Neither sellers nor buyers will see any significant headway,” George Ratiu, manager of economic research at Realtor.com, told MarketWatch. “For sellers, the reality is that the prices that they were hoping to get based on the last few years are simply no longer there,” Ratiu explained. “For buyers, prices have shot up so high in the last two years that even a 10% to 20% discount is not going to get them a bargain.” Here’s how experts see the housing market playing out in 2023.Good news: More homes for sale The experts mostly agree that inventory — the number of homes available for sale — will increase in 2023. “We will have more inventory than in the last two years,” Ratiu said. But homes for sale are staying on the market longer, he added. Redfin Corp.
deputy chief economist Taylor Marr said that the typical home has been sitting on the market for about two months now. “There are a lot of homes out there just waiting for a buyer,” he said. Builders are also putting new homes on the market and are pulling out all the stops to boost sales. In some markets out West, buyers can e …