“Uncertainty” seems to be the key word as we roll into 2023. According to a report by Zillow, potential homebuyers feel like they just do not know what the future of the real estate market will hold.
Ultimately, this is nothing new. While there are always predictions from different media outlets, they remain just that — predictions. No one knows what the future will hold. However, if the past couple of decades have taught us anything, it is that real estate is resilient.
After two years of run away home price increases, the market remains strong, particularly in Tampa. Our area is number three for new homes and remains a hot market. Different news outlets are heralding lower home prices, but Zillow reports home prices will likely remain steady and even increase a percentage point or two.
For homebuyers who felt shut out of the market, this may offer an opportunity to purchase without fear of bidding wars and inflated home prices. Mortgage interest rates remain high, however, the Fed has noted that inflation is slowing down, as evidenced by their most recent .5% increase.
If you are looking to sell, your home may stay on the market a little longer than it would have a year or two ago. However, there is still a home inventory shortage. If you are willing to work with potential buyers, you will likely be able to sell your home relatively quickly.
Want to discuss current real estate conditions before deciding to buy or sell a home? Contact me today!