So much drama this year. It's no question - the housing market has seen a dramatic shift this year. Coming off of a very robust 2020 and 2021, it seems like the 2022 housing market came to a screeching halt for both buyers and sellers. WE have seen elevated mortgage rates, sluggish home sales, an high inflation take a significant toll on the market. But with all that said, it is unlikely these issues will cause home prices to dramatically drop in 2023. 

Hi, I'm Beth Tamminga with eXp Realty. As an agent, it is my top priority to make sure my clients are thoroughly educated about the current market conditions, whether buying or selling.

At the National Association of Realtors conference last week in Florida, after analyzing the current state of the market, Lawrence Yun, chief economist of the National Association of Realtors, gave his prediction for 2023. According to Yun, even with all the shifts in rates, inflation, and prices, we may see a further uptick in home prices in 2023. He says, "For most parts of the country, home prices are holding steady since inventory remains low." In addition, distressed property sales or foreclosures are almost non-existent; at just 2% nationwide, it's nowhere near the crash of 2008. And because home equity has boomed over the last two years, short sales are almost impossible. He also predicted an increase of 1% nationally in the median home price and predicts some markets will fare better than others depending on the location.

Of course, these predictions should be taken at face value. We all hope to see inflation and mortgage rates come down in 2023. And just as I remind my clients, we do not have a crystal ball to see exactly how things will play out. It is always best to connect with an experienced and trusted agent to give you all the latest market information. Contact me today to help with all your real estate needs. And remember, I'll lead you the way home.