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Are you buying a home in 2023? With the crazy real estate market the last few years, things look like they could change in the coming year. But will they, and if so, how much? We’re looking at some housing market predictions for 2023.
There are many opinions, often conflicting, on whether home prices will fall in 2023. Purchasing a home is always a bit of a crap shoot, but it’s especially true with the leap in interest rates in 2022. Some experts think home prices could fall by as much as 20% due to rising interest rates. Others think that, while it might be easier to purchase a home in 2023 because there are fewer buyers due to the hike in interest rates, prices won’t fall significantly because there is still more demand than inventory. The good news for house hunters is that it has shifted from a strong sellers’ market to one that favors buyers.
We saw mortgage interest rates double in 2022. But what’s the mortgage rates forecast for 2023? It all depends, though most experts agree that any increase will be smaller and more gradual. Some think they could climb to around 8.75% with a chance of coming down later in the year, potentially to around 6%. That said, it’s dependent on factors such as inflation, recession, and the political climate. We’ll have to keep watching.
It’s hard to know what to expect when buying a house. It’s a stressful and complicated process. The good news is that a knowledgeable team of mortgage lending professionals is here to help you navigate the process, available loan programs, interest rates, qualifications, and more. Contact Midland Mortgage Corporation for the help you need to get into your new home in 2023.