Prediction for Real Estate in 2023: Why You Should Act NOW Before The Housing Stampede
A prediction for 2023 is that this might be the last best time to buy a house, since there is some softness in the market despite record high real estate prices according to MBS Highway a real estate research firm. Inventory is being snapped up at a record pace and when mortgage interest rates fall there could be a significant rush of buyers grabbing the rest of available housing.
People are asking if this is a good time to buy a house but usually the answer is that when a person is ready and finds a suitable house that they can afford that it is a good time to buy a house.
While some people have called for a real estate crash, it is unlikely that housing is in a bubble considering there is a shortage of 6.5M homes in the US because household formations has far exceeded new home construction. Real estate has exploded in the last few years as home prices are up 40% in some markets.