E158: PRICES. What Will They Do in 2023?
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Here it is at long last: the final installment of David Sidoni’s 2023 housing market projection series. You’ve been waiting for it for a long time and now you don’t have to wait any longer. This episode is about PRICES. FINALLY!
As usual, David is taking a look at the data and listening to the pros to give you his expert opinion on what you can expect in 2023 as a first-time home buyer. It’s time to take this series all the way home.
Here are the biggest takeaways from today’s discussion:
- What you really need to research before buying a home
- What the economists are predicting for home prices
- Whether or not the market will head back to normal
- How new home buyers can get in the game
[01:53] Let’s Get One Thing Straight
The general consensus from experts says that we will finally get back to a normal market in 2023 when it comes to prices. But here’s some data to keep you first-time home buyers up at night: 70% of ALL realtors have never sold a home in a normal market. Yes, you did read that right. The market has been all over the place for so long that your realtor likely hasn’t bought or sold a home during the status quo. It’s been a seller’s market for 10 years, and the last 3 years have been bizarre to boot. That’s how insane it’s been. With that in mind, you NEED to research your realtor, especially if you are buying a home for the first time. Make sure they know what they’re doing.
[5:04] What Is UP With Prices in 2023?
David dives back into his extensive research to share economists’ dirt on the situation. According to the industry’s [positive] Pollyannas, home prices are DROPPING. But, they disagree on how much. Some say 5%, some say 8%, and some even go so far to say 10%.
What are the negative Nancys saying? That home prices will INCREASE. What?! All the more reason you should’ve started planning, um YESTERDAY. But you didn’t. That’s okay. That’s why David’s here to help.
[11:51] You Didn’t Plan Yesterday, Fine. Here’s What Tomorrow Could Hold.
Here’s the bad news. Some experts believe that home prices are only going up. Here’s the good news. Some experts think prices will start to decrease. Here’s the truth bomb from David. Likely, the market will stay pretty tepid throughout 2023. BUT, all of this means that you won’t have to panic buy a home, there will likely be more choices, and lenders will have more options for you to consider. So, a mild win.