2023 Housing Could be MORE Competitive than 2022: Real Estate Year in Review
A stable or decreasing supply of homes on the market, which can lead to increased competition among buyers and higher home prices would make 2023 a better year than 2022. An increase in the number of first-time home buyers, which can boost demand and lead to higher home sales.
There are a few factors that may be contributing to a low supply of homes on the market currently:
Strong demand for homes: With low interest rates and an improving economy, more people are looking to buy homes, which can lead to competition for the limited number of homes available on the market.
Limited new construction in 2022 is hurting housing inventory going into 2023. This means that there are fewer new homes available to be put on the market.
Difficulty in obtaining a mortgage: Some people who want to sell their homes may not be able to do so because they are having difficulty obtaining a mortgage for a new home.
All these factors can lead to a low supply of homes on the market which is the forecast for the 2023 real estate market and which can make it difficult for buyers to find a home and can drive up prices for the homes that are available.