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Housing Market Trends for 2023

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Are you interested in the housing market trends for 2023? With the economy continuing to recover from the pandemic, the housing market is expected to be more competitive than ever. 

In this article, we will take a look at the housing market trends for 2023, including: housing market trends 2022 - supermarket cart with houses and sale poster

  • Current mortgage rates
  • The impact of rising home prices
  • The potential for foreclosure 

We’ll also look at what to expect in terms of rental markets and the effect of new construction on the overall housing market. With all this information in mind, you’ll be ready to make the right decisions when it comes to buying or selling a home in 2023.

Overview of the housing market

The housing market is everything that has to do with buying and selling homes. This includes the residential and commercial real estate markets as well as the secondary market, which is made up of: 

  • Mortgage lending
  • Brokerages
  • Insurance 

The level of activity in these markets is tied to the economy. For example, the demand for housing depends on things like population growth and the number of jobs available. 

The housing market is a complex system with many variables affecting it. This makes it difficult to predict exactly where the market will go in the coming years.

Among the economic factors that can greatly affect the housing market are the following:

  • Interest rates
  • Inflation
  • Unemployment
  • Availability and cost of financing

The health of the overall economy will also have a large effect on the housing market. People often buy real estate as a long-term investment or as a way to make extra money, like by renting it out.

Mortgage rates

With the increasing inflation of 2022, mortgage rates have been steadily rising. At the beginning of November 2022, the average mortgage interest rate was 6.95% (for 30-year fixed mortgages) and 6.29% (for 15-year fixed mortgages). Many experts expect these rates to stay somewhere around 7% for the rest of the year and potentially beyond that.

This, of course, depends on the further development of the inflation rate. A further increase in mortgage rates would mean that the housing market would slow down.

On the other hand, at the end of November 2022, it was reported that for 2023, both Government-sponsored Enterprises (GSE) Freddie Mac and Fannie Mae will back mortgages of more than 1 million (up to $1,089,300) USD for certain high-priced counties in the US. This marks a clear increase in loan limits.

Rising home prices

According to the Zillow Home Price Expectations Survey, the majority of experts think 2023 will be a clear buyers’ market. With the growth of home prices slowing down and a growing inventory, there is a noticeable shift between supply and demand, which will clearly favor the buyers who can have their pick among many more options than before.

Potential for foreclosure

It is important to remember that the federal pandemic protections that stopped homeowners from losing their homes to foreclosure because of problems caused by the COVID pandemic ended in 2021. This has already resulted in a steep increase in foreclosures in 2022.

You can find an overview of the foreclosure rates for all 50 US states in October 2022 here.

Depending on the factors already mentioned above, foreclosure rates can be expected to rise further in 2023. So, if you’re thinking about buying a home, it’s even more important for you to do your research and make an honest assessment of your own finances to see if you can really afford the home you want.

Rental market trends

The rental market has increased in recent years due to the growing number of people who prefer to rent rather than buy (or might not be able to afford to purchase a home.) This has led to an increase in the number of renters in many areas across the country. 

Zillow.com reports that the panelists of the Zillow Home Price Expectations Survey expect “an average of 5.4% rent growth throughout 2023,” therefore growing “more than inflation, stocks, and home values.”

A strong Home Inspection Partner in any Housing Market

Whatever the housing market will bring for 2023 and beyond, keep in mind that you have a reliable expert for your home inspection needs here in Florida! Email or call our teams in Tampa, St. Petersburg, or Brooksville for further information or to schedule your inspection! 

 

Further reading:

 

 

 

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How To Keep Your House Clean While It’s On The Market

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Putting your house on the market can be an exciting time. However, it can also be very stressful. The current global pandemic makes these events that much more to manage. Especially if you’re working from home, things can accumulate very quickly. Here are some great ways to keep your house clean while it’s on the market. Especially if your family is home.

Staying on top of the kitchen

The kitchen is the heart of the home. However, the kitchen is also one of the hardest areas to keep clean constantly. Here are some easy things you can do to help:

  • Divide up the cleaning kitchen among as many people as you can, more hands create light work
  • Commit to cleaning immediately after use
  • Eat out at least once a week to give yourself a break from the upkeep
  • Use (biodegradable) paper plates, utensils and cups to make cleaning easier

Dedicate specific time to clean each day

The easiest way to keep a house clean consistently is to consistently clean. This might seem like a lot but if you commit to a dedicated time each evening to pick up the house then it won’t become a huge mess that you have to clean.

Limit showing times

This is easier to do because of the pandemic. Showing times should be limited to limit your exposure anyways. However, this is also a great tactic to help with your family if you’re all home all day. Limit showing times to only the evening or specific hours during the week. This will help to manage a cleaning schedule as well.

The global pandemic has made many things more complicated. That being said, the real estate market isn’t slowing down and it’s still a seller’s market right now. If you put your house on the market be prepared for things to be a little different, but don’t worry, you can do it. Don’t forget to call Divinity Home Inspections for your home inspection.

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First-time home buyer program now includes Home Inspection

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We may be able to learn a lesson from the federal Department of Housing and Urban Development in Glens Falls. Their new home buyer program now requires a home inspection as part of the application process. According to the Department, the inspection rule is in response to a tendency for first-time home buyers to decide on a house based solely on price, not condition, and then not be able to pay for the repairs necessary to keep it in livable condition.

Why are home inspections still just an option?

We have heard horror story after horror story of home buyers running into major repair issues in their new home. These issues at the very least could have been expected if the home buyers had an inspection done on the home first. In Florida there are many incentives and first-time home buyer programs. Some of them even include money towards the down payment. None of them require more than learning about the home inspection process.

Home inspections should be a requirement and a decision you make before you complete any purchase on a home. Every single home, even new builds, have the potential to need repairs. If for nothing else, a home inspection will give you a heads up of what to expect instead of a sudden major issue with a heft repair bill.

It’s your choice, so make the right one.

A home inspection should be as necessary as a down payment. Some banks might require a home inspection, but don’t depend on them to make that decision for you. Sellers may take the initiation to get a move-out home inspection or even a pre-listing home inspection. In these cases we still recommend scheduling your own home inspection. You can contact Divinity Inspections anytime for a residential or commercial property inspection.

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The Holiday Cleaning Checklist

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If you are the one hosting a holiday party, then you might already be thinking about your holiday cleaning checklist. Keeping a home organized, much less clean, during the Christmas season can be very challenging. Especially if you have young ones running around and contributing to the mess. Some may even attempt to de-clutter their home before the end of the year to start off on the right foot. Either way, this checklist should get you moving in the right direction. This holiday cleaning checklist can help you get and stay organized, create a sparkling clean home in time for gatherings, or de-clutter your house before the year is up.

One Up and Two Down

Some holiday gifts can replace something you already own. Unfortunately, many times we forget to get rid of the item replaced. You end up with two coffee makers or five sets of pajamas. This year, when you get one item try getting rid of two. This will not only make sure you replace an item, it also helps you to de-clutter. If your child received new socks, find the old or outgrown ones and throw them out.

Not Everything has to go Up

Even an attic full of decorations doesn’t mean the house has to be full of decorations too. This year, especially if you are showing your home for sale, keep the decorations to a minimum. Keep some decorations put away and just use the minimal on both the inside and the outside.

Oosoujii

Oosoujii is a Japanese holiday dedicated to de-cluttering and cleaning the home. The last week of the year is spent focusing on the home. In Oosoujii, each year is seen as separate and distinct, the final week of the old year is devoted to cleaning, decluttering and organizing.

We hope these little tips get you moving in the right direction. There are many tasks you can add to your holiday cleaning checklist and these are only a few to get you started. We do home inspections all throughout the holiday season and you can make an appointment with us directly on our website.

Sources:

8 Ways to Keep Your Home Clean Through the Holidays

http://organizedhome.com/seasonal-spin/cut-clutter-after-christmas

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How to Show your home during the Holiday Season

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If you are showing your home during the holiday season it can be a little tricky. Between holiday decorations, parties, and deterring home theft, the holidays can make it all that much harder. Have no fear, we are here to help! Follow some of these tips to show your home during the holiday season and also have peace of mind.

Keep decorations to a minimum

If you love to saturate your home in decorations during the holidays, you will want to hold off on it. A lot of decorations can be overwhelming and distracting for any person interested in viewing your home. Decorating also means leaving out some of your potentially valuable stuff for grabs. Avoid all of this by decorating very little. You can even wait until a week before Christmas to stop showing the home, decorate, and enjoy the season. You still have control and what you do should be what works best for you.

Curb Appeal vs. Curb Safety

You may never have thought about it, but decorations can also be a hazard. This wire lines, extension chords, and decorations across your walk-way can actually be a tripping hazard. The last thing you want is someone who is viewing your home to trip over things as they walk in.

Selling during the Holiday Season

Many sites claim selling your home through the holiday is great timing! But this also means you need to have excellent pictures and videos of your home. As home-buyers start their process doing online searches, you will want your home’s pictures to stand out! Don’t skimp on this area. Make sure your home is immaculate before taking any pictures.

Comfy and Cozy

Have you ever stepped into a home that just feels cozy? The house makes you want to wrap up in a blanket and sit in front of the fireplace? This is the feeling you want to evoke, especially during the winter and holiday season. Light the fireplace, light some candles, bake some cookies, and decorate a Christmas tree. Create that comfy cozy feeling people will enjoy!

We hope this little tips help as you work your way through the holiday season. Don’t forget Divinity Inspections is still working too so give us a call when you are ready to schedule your pre-listing home inspection or your pre-purchasing home inspection!