It is January and may I say, “what a year 2022 was.” Interest rates went up and the rise of inflation and gas prices are still at a record high.

Well, what’s in store for 2023? I just listened to the State of the Real Estate Market from Brian Buffini’s Real Estate. Buffini has been in the Real Estate Market for over 36 years and is an expert in predicting the coming market. Not much surprises him; with that said and the reports from the National Association of Realtors let’s continue.

From buyers to sellers, to agents to lenders, the real estate market has had its shares of ups and downs this past year. With shifts in mortgage rates and inflation, the market continues to change. Despite tight inventory, buyers are starting to see less competition for homes. For sellers who price their home right, they’ll continue to be competitive. First quarter 2023, home prices are anticipated to rise year-over-year, inventory will rise year-over-years, and 66 percent of Americans anticipated to own a home.

• Mortgage Rates: as of November 2022, 6.84%. Homebuyers have faced fluctuating mortgage rates, which have doubled from a year ago. 93 percent of homeowners currently have a fixed-rate mortgage.
• Buyer Profile: In 2023, buyers may have a bit more flexibility when it comes to making concessions such as forgoing home inspections. But, with inventory still very tight, buyers should ensure everything is in place, including financing, so they are able to make an offer when they see a home they are seriously considering.
• Seller Profile: A tight inventory means it is still a seller’s market. Sellers may have to drop their prices and make concessions; however, houses priced right will sell. 
• Homeownership: THE BEST INVESTMENT, 88 percent of buyers view owning a home as a good investment.

If you are in the market to sell, buy, or invest, let’s get prepared for this year. Contact me for more resources to help you decide. And if you are renting, do not sign your next lease until you speak with me first.

I want to wish everyone a Happy New Year. If you have any questions, my contact info is:  [email protected] or 309 360-0445.

Until next time… Jeannie

(Sources: Bankrate, FreddieMac, National Association of Realtors)