January 2023 Real Estate Market Predictions
(Published on - 1/9/2023 8:40:05 PM)
2023 Market Predictions
Greater Phoenix now Balanced
We are now entering the height of the Valley's buyer season with a continued shortage of inventory. Some markets are still hot, this depends on the price point and neighborhood. Owner's who have owned for two years or longer are still sitting in an excellent equity position, and over 65% of active listings were purchased more than 2 years ago.
Luxury Lull
All indicators point to a lull, rather than a crash, as the affluent start to reevaluate their long-term goals. Expect to see slower returns on investment, as buyers and sellers remain hesitant until the economy stablizeds; a continued movement to more affordable markets and watch climate change play an important role in where the affluent choose to purchase homes. Current Luxury Market National Report.
A real estate 'reckoning is at hand'
According to Inman, "Economists and other housing experts predict the market will be more balanced among both buyers and sellers. Home prices won't change much while mortgage interest rates will continue to drop."
One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance. Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a near 40 year career in Metro-Phoenix Real Estate.
