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The following insights from a recent Forbes article highlights expert predictions for the New Year.
“2023 will bring lots of variability in how housing markets adjust,” Bright MLS Chief Economist Lisa Sturtevant said. “There will be a lot of resetting expectations for both buyers and sellers.”
According to Forbes, Sturtevant predicted “variations from market to market, with the greatest risk for price declines likely to occur in pandemic-era boomtowns—communities that saw some of the largest increases over the last two years. In places where buyers bid up prices, they will have to reset—and in some places, they could see prices fall significantly from their peak,” she said.
“Regardless, in almost every market, we believe prices will still remain above 2019 levels. So even if prices do come down, we should still be ahead of where we were prior to the pandemic. Bright MLS data shows 40% of sellers have adjusted their home price downward or offered concessions. This period of acceptance will take some time,” she continued.
“Sellers have to process all of this, and that is underway now. It’ll take a little time—probably into the first quarter of next year—to fully digest it.”
