Happy New Year!! Now that 2022 is behind us, what are forecasters predicting for the 2023 housing market?
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty… and I sell homes in Oakland, Berkeley, and the East Bay on both sides of the tunnel.
Will 2023 be the year of the Buyer or Seller, or both? According to Danielle Hale, Chief Economist at Realtor.com, she says and I quote, “It is going to be a tough year overall for both buyers and sellers, but we are going to see a better balance between the two.” The dramatic shifts seen in the 2022 market are expected taper off. Sellers may see home prices reach a steady state but with longer days on the market. She expects 2023 to be roughly in line with the recent pace of home sales in late 2022. Nonetheless, still higher prices mean that homeowners are likely to walk away from a home sale with significant equity.
For Buyers, buyers will see more inventory of homes on the market. In fact, nationally…housing inventory is predicted to be up 22.8% from 2022, largely from homes taking longer to sell, giving buyers more homes to choose from. While some housing experts say mortgage rates have likely reached their peak and expect rates to fall further before stabilizing, they remain cautious given the past year’s extreme fluctuations and economic uncertainty. Higher rates affect overall home affordability making people less able to buy as high as they were last year. Combining all these factors, it’s no wonder it could be the year for both the buyer and the seller. As always, it is best to consult with me so that I can give you the latest local market updates and insights. Feel free to reach out to my team and I so we can help you make the most informed decisions, whether you’re buying or selling in 2023.
And if you’re thinking about selling, ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them offering my super duper digital marketing that… no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?