Homesellers should prepare for the housing market to swing firmly in the favor of buyers before the end of 2023, according to a panel of 107 economists and housing experts.
A majority of experts on the panel, surveyed by Zillow, agreed that rising mortgage rates are driving down competition among homebuyers, which will eventually result in a buyers’ market taking firm by the end of next year.
The panel also observed that home price appreciation is slowing as a result of high mortgage rates, and it predicted that rental price growth will come to outpace inflation as potential homebuyers priced out of homeownership exert more pressure on the rental market.
After the frantic rush for real estate over the past two years, buyers are finally seeing a calmer market. Those still able to afford homeownership are quickly regaining lost leverage, but this shift to a more balanced market is still in its early stages. Home shoppers priced out of the market are in a tight spot, though, as high and rising rents could cut further into their ability to save up for a down payment.
Call us at (480) 205 2234 to get more information on mortgage rates as you prepare yourself for a buyer's market. |
