The National Association of Realtors® recently publicized the results of their research. Not too surprisingly NAR is forecasting home prices will go up slightly in 2023.

The research reflects home sales and prices will rise by +1% in 2023 and +5% in 2024.  Not the crazy growth we’ve seen recently- but lower increases should help balance the market.  If you’re waiting for a better time to buy- it appears 2023 and 2024 present a great opportunity.

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Another chart (below) is interesting in highlighting a trend toward renting versus owning.  Some of the loss of 1st time home buyers is due to rising mortgage rates and home prices.  But another trend is emerging where potential buyers don’t see owning a home as necessary and are opting to rent.

Bottom line- if you’re looking to buy or sell in the future- the timing may not be better than now.  Yes interest rates are higher but adjustable rates can ease the cost now.  Think about refinancing in a few years when rates (hopefully) drop. 

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