If you are planning on buying a home in North Carolina in 2023, you might be wondering what the real estate market forecast is according to experts. Will the burgeoning market of the past years continue, or will the North Carolina market crash soon? Here are a few trends market-watchers see happening in the future.
2023 Residential Mortgage Interest Rates
Due to inflation, geopolitical tensions and a potential recession, experts forecast that mortgage rates will continue to rise in 2023. Financial participants anticipate that Fed funds rates will rise from 175 points to 200 basis points from 2022s levels.
Some experts predict that 30-year and 15-year mortgage rates might drop as low as 6.0 percent and 5.25 percent if inflation is kept under control and avoids impulsive rate increases.
North Carolina Home Sales & Pricing Predictions
Rising mortgage rates are likely to majorly impact home sales in 2023. Higher rates are estimated to result in a 10% drop in sales, which means home listings will sell at a slower pace. This means more median days on the market than average in 2022.
Home prices may not drop due to low inventory, but some experts think that higher interest rates will press sellers to lower their prices to be competitive. Predictions are that home values will go down 5 to 10% due to unaffordability in a questionable market.
Housing Supply & Inventory
Homeowners are unlikely to trade in a modest 3-4% mortgage for a new home with a 7-8.5% loan unless necessary. As a result, the housing supply will likely remain low. However, few market experts believe that housing inventory may even rise as interest rates do, which can make homes become more unaffordable.
Home Affordability
Experts predict that home affordability will dramatically change, but they will not fall enough to offset any set higher interest rates in North Carolina. This means that mortgage payments will remain in the higher zone, making homes appear less affordable.
Should You Sell a Home Now or Wait?
Surprisingly, over 51% of homeowners believe that 2023 is a great time to sell their home. Some sellers may find themselves in a dilemma with the slow market in mind along with decreasing prices, increasing mortgage rates and higher inventory on the market. Sellers might get a good deal by leveraging rising buyer demand.
Mortgage rates are reaching a record high of 7.08% and could potentially rise further as the Federal Reserve aims to control inflation. With this in mind, interest rates are currently low, which could lure prospective buyers.
Should you need to upsize or downsize your home space, this change in family dynamics may make it a great and convenient time to sell and get invested in a new property. But of course, there is the underlying question of how to sell your home fast.
Selling Your Current Property With Ease
Should you need to get out of property fast and don’t have time to deal with realtors, making repairs, market waiting time and all the hoops that can accompany selling a home. There are solutions, and we are here to offer them to you!
Call We Buy Houses Greensboro to Sell Fast!
Here at We Buy Houses Greensboro, we specialize in the Greensboro, North Carolina housing market. We are ready to offer a cash price to buy your home today for cash. You don’t need to make any repairs or even clean the home. We simply send a representative to check out your home and offer a bottom line price for it in an “as is” condition.
We Buy Houses Greensboro is currently buying single-family homes in High Point, and all over the Piedmont Triad in North Carolina. If you have a Greensboro property that you want to turn into cash ASAP, call or complete the form on this page. Typically, within 24 hours, you’ll get a no-obligation cash offer, and we’ll generally be able to close (pay you) in 10 days or less.
