What’s in store for real estate in 2023?

As usually happens this time of year in the real estate world, predictions are coming in rapidly about what to expect in 2023.

“Just one year ago, rates were under 3%. This means that while mortgage rates are not as high as they were in the 80’s, they have more than doubled in the past year. Mortgage rates have never doubled in a year before.”  – Freddie Mac

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”  – Lawrence Yun, Chief Economist at the National Association of Realtors

Despite the enormous challenges of 2022 – particularly for buyers who have had to deal with high home prices and shortages of available homes, real estate professionals foresee a continued fluctuating real estate market depending on inflation and other factors, including recession. Are we on the verge of a real estate market collapse? The overwhelming consensus among real estate professionals is no.

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Whether you are contemplating buying a new home or investment property this year or selling, please feel free to get in touch with us if you have specific questions or concerns about the current real estate market. We love talking about home buying and selling and we’re your go-to team for investment property opportunities throughout Oregon Wine Country.