Real Estate in South Florida

                          

                                 Expert Insights for the Rest of the Year in Housing 2023 Here’s what experts have to say about what lies ahead for inventory, mortgage rates, and home prices. Let's connect so you know what to expect in the housing market for the rest of the year.

Housing Market Forecast for the Rest of 2023 [INFOGRAPHIC] Some Highlights Want to know what experts say will happen in the rest of 2023? Home  prices  are already  appreciating  again in many areas. The average of the expert forecasts shows positive  price  growth. Where  mortgage rates  go for the rest of the  year  will depend on inflation. Based on historical trends,  rates  are likely to ease as  inflation  continues to cool. Even though low  inventory  continues to be a challenge, experts project 5 million homes will still  sell  this year. That  pace  should pick up if  rates  come down.  

Home Prices are Making a Comeback

  Sellers: Don’t Let These Two Things Hold You Back Many homeowners thinking about  selling  have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles. Challenge #1: The Reluctance to Take on a Higher Mortgage Rate According to the  Federal Housing Finance Agency  (FHFA), the  average interest rate  for current homeowners with mortgages is less than 4% ( see graph below ): But today, the typical 30-year fixed  mortgage rate  offered to buyers is closer to  7% . As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect. The Advice: Waiting May Not Pay Off While experts project  mortgage rates  wi...