Navigating the 2023 Housing Market Landscape: What’s to Come?Return to Blog
2023 has been a challenging year for the housing market. With seemingly soaring interest rates, low inventory on the market, and an inflated market things have been difficult for both Buyers and Sellers alike. Even now as we step into the latter half of 2023, the housing market remains a dynamic arena with truly life changing opportunities. When coupled with the right team, possibilities are endless for everyone. To find those opportunities, let’s dive into what the months ahead could look like if you’re in the market to purchase or sell your home.
Supply-Demand Equilibrium: Balancing Act Continues
Supply and demand remains a controlling theme in today’s Real Estate market. Demand for housing continues to exceed the available supply, leading to fierce competition and rising prices. Meaning that even with fewer Buyers present in the market, home prices may not fall as far as most think. Less options and inventory will protect price dropping, and likely even now home prices may continue to rise. However, the pace of price growth is expected to slow down thanks to recent interest rates spikes. Creating a healthy and normalized market for today’s Buyer.
Interest Rates and Financial Viability
Interest rates play a key role in determining housing affordability. In the upcoming months, experts anticipate gradual interest rate increases. These adjustments will be cautious, aiming to balance economic growth and inflation control. Affordability is likely to be maintained, sparing the market from drastic disruptions. Although rates are high it’s important to not let this deter you from the current market. Rates have always fluctuated and what goes up must come down, know that you are marrying the home you purchase, but dating the rate. Refinancing is a possibility to save you money in the future.
Conclusion: A Discerning Path ForwardThe housing market for the latter half of 2023 reflects ongoing trends with some adjustments. Balancing supply and demand, managing interest rates, and considering regional specifics all contribute to the evolving landscape. One thing is clear, the housing market remains stable. Meaning it’s important to work with a knowledgeable Realtor and a strong team to ensure your housing goals are realized.
For more information on the 2023 Housing Market reach out to Advent's expert Realtors:
Tariq J Paulding, Realtor
Darryl Glass, Broker-Associate
Article written by, Tariq Paulding
Disclaimer: The insights shared here are based on expert analyses and reputable publications. Actual market trends may vary due to unforeseen economic shifts. To make informed decisions, consult financial and real estate professionals.