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2023 Market Forecast by National Association of REALTORS Chief Economist & MLS partner Economist

Dr. Lawrence Yung, the National Association of REALTORS Chief Economist, predicts a market slow down.


https://www.nar.realtor/lawrence-yun


https://www.nar.realtor/newsroom/nar-chief-economist-lawrence-yun-predicts-uncertainty-for-the-housing-market




National Association of REALTORS: longer days on market





In a webcast June 2, 2022, Economist and MLS partner, Dr. Eisenberg said the following:


2023 - Recession (nothing like 2008) to balance the economy

More inventory

Less multiple offers

Interest rates no more than 6%


https://youtu.be/xS4Yu8hs9zI

Economist Dr. Elliott Eisenberg, MLS partner












SILVAR -Silicon Valley Asso of REALTORS, President Otto Catrina said, "the market is shifting".



Summary:


Sellers: Interest rates are still low, there's low inventory which translates to not a lot of competition and still many qualified buyers that want to own their home.


2023 - you've sold your home at the peak of the market


Buyers: Interest rates are low, your dollar can buy more home, build equity instead of paying no-gain rent.


2023 - you're in a home that you now own and at low interest rates


Having been in the real estate market since 1999, I went through the dot com, dot bomb, market crash of 2008 and a hot market similar to 2000-2001, the bottom line is that you need a place to live. Find a home that you'll enjoy, if you have a child or children, find a good school district unless you choose to homeschool or select private education. California is allowing ADU's to be built on properties - check with your city/county planning department or transfer your property tax basis - check with the city/county planning department where you are planning to move next.


Experience matters, contact us today to help you make informed decisions.


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