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Shakespeare had it right when he said, “I’ll give a thousand furlongs of open sea for an acre of barren ground.”

U.S. homebuyers know exactly where the Bard of Avon was coming from on the real estate front.

In 2022, many buyers were locked out of the price-heavy housing market for most of the year. With inflation and interest rates rising, even the most ardent homebuyers hit the pause button at year-end and opted to wait things out before re-engaging with the residential real estate market.

The good news? Homebuyers and the home sellers who need them to move the market can at least flip the calendar and hope for the best as 2023 begins. In fact, they may have good reason to do so, real estate experts say.

“2023 will be a year of returning to normal for the real estate market,” said Sotheby’s International Realty home realtor Maureen McDermut. “The Federal Reserve has indicated interest rate hikes will slow down, and inflation appears to be tapering off.”

In that scenario, more homeowners can buy some time to do necessary home and property repairs and remodels to sell their homes for top dollar, while more buyers will eventually re-enter the market.

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“We won’t see a return to the hyperactive seller’s market of 2021, but normalcy will be achieved within the first few months of the year,” McDermut said.

While a return to normalcy would provide some much-needed stability to the real estate market, knowing what key trends and factors will emerge in 2023 should help buyers and sellers make better decisions in the new year.

 

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