Thousand Lakes Realty
Eric Ristey

 Real Estate buyers, 2023 is shaping up to be an interesting year in the market. Mortgage rates are forecasted to drop in the summer, giving buyers a chance to get lower-than-usual rates. Sellers are likely to be more willing to negotiate prices, giving buyers more leverage in the market. And, with more housing options available, buyers have more choice when it comes to finding a house that fits their needs. 
It's important for buyers to keep an eye on the market and understand the trends that will be influencing the market this year. 
Here are five key trends that buyers should watch for in 2023:

1. Rising demand for single-family homes 
2. Increasing prices in some markets 
3. More flexible mortgage terms 
4. Record-low mortgage rates 
5. Growing interest in second homes

 Right Time to Buy!
 Despite the recent run-up in housing prices, the market is still far from the peak levels. The recent increase in inventory has been a welcome relief for buyers who have been struggling to find a home in a tight market. Sellers, however, are making more concessions in order to get a sale, as they are still dealing with a shortage of starter homes. The rental market is still in a state of upheaval, with prices continuing to go up, up, up. 
 Mortgage rates are expected to top out by the summer, which could mean more buyers in the market and a decrease in rental prices. With the market in flux, it'll be interesting to see what happens next.

 Cash Deals in Trend
 With so much market volatility in the stock market, more and more wealthy buyers are turning to cash to purchase real estate. Cash transactions have become increasingly popular, with all-cash sales making up 26% of transactions in November 2022. 

 This trend is expected to continue as buyers leverage their wealth to purchase luxury real estate. Cash is not the only way that buyers are financing their purchases. Margin loans and private bank loans are becoming more common, providing buyers with the ability to access additional funds to finance their real estate purchases.
By doing this research and understanding the trends, home buyers can be better prepared to make decisions in the 2023 housing market.
              Stay connected with us for the latest Real Estate Trends!
Until next time

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