2023 may go down in real estate history as the year of correction. After two years of a pandemic-fueled, seller favorable boom with bidding wars, inventory shortages and spiral prices all over the country, the housing market began to cool down in 2022. The impact of inflation in general and fast-rising interest rates in particular dampened buyers’ interest, causing sales to slow down.
Those housing trends are continuing, causing 2023 to be something of a transitional year. Sellers still have an edge in many areas, thanks to continued scarcity of houses, and no one expects a dramatic crash in home prices or values. Still the frenzied pace has definitely subsided, and many analysts see a shift towards a more balanced- market favoring buyers.
Whatever the economic state of the real estate market, buying a house can be exciting and emotional process for the individual. Before starting your home search, you’ll want to understand the ins and outs of home buying. Doing so will empower you to make decisions that are the best for your family and your wallet.