February 1, 2023:

2023 Real Estate Predictions with Mark Faris

With 2023 in full swing, you might be planning out what this year has in store for you. Whether you are considering selling your home this year, moving, or purchasing your very first home, we know you have questions. 

We recently reviewed the market stats for 2022 compared to previous years, and if you missed it, you can check it out here. But what is coming ahead for 2023? 

Mark Faris, CEO and Broker of Faris Team Real Estate Brokerage, takes a look at how the 2022 market compares to overall Real Estate trends within the past decade and makes predictions as to what may happen in 2023 and beyond. 

What Does 2023 Have in Store?

Mark Faris predicts that the current market trends beginning in 2022 and into 2023 is going to play out in a similar fashion to what we saw back in 2017. At this time, we saw a reaction from the government intervening in rising home prices, where prices decreased. Then, over the following few years, there was a slowdown in sales due to media coverage creating an undesirable environment for buyers. 

In 2020, we saw a sharp price increase over two legs of growth. This led the government to step in by raising interest rates, resulting in another decrease in pricing. Similar to 2017, Mark Faris predicts that 2023 has seen a bottoming out of prices. And if the market plays out similarly to 2017, this means that the media will continue to present purchasing Real Estate as undesirable, based on interest rates and affordability. Mark predicts prices will steadily grow or perhaps stagnate before we head into our next leg of significant growth. 

There is evidence that buyers have been sitting on the sidelines. December 2022 saw record-low sales, which has not been seen since 2019. In addition, the months of inventory steadily increased in 2022, but there is evidence that this is starting to change when we look at the month-over-month data. Months of inventory are beginning to drop, indicating that homes are going to start selling a bit faster. Overall, it is unlikely we will see that same spike in Real Estate that we saw from 2020 to early 2022, but Real Estate will begin to grow steadily over the next couple of years. 

Final Thoughts

Mark ends the video addressing buyers, saying that now is a great time to buy a home. Buyer sentiment is low thanks to the media coverage, but the numbers are in your favour! This is a great time for those who have yet to get into the market in previous years to purchase a home. 

By now, sellers understand that homes likely won’t be selling as fast as they were in previous years, but there is evidence that this could be changing. Therefore, it continues to be more important than ever to work with a team of Real Estate experts who know your market better than anyone and will deliver Exceptional Marketing and ensure the Best Real Estate Experience. 

If you have any questions about your current Real Estate goals, our team of Professional, Loving, Local Realtors® will go full out® to help you navigate the changing Real Estate market. 

Stay up to date with current market stats in your area by checking out our Market Updates Page on our website and following us on social media

Are you ready to begin your Best Real Estate Experience?

Call us today at 1.888.918.6570, send us an email to book an appointment.

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