Dr. Lawrence Yung, the National Association of REALTORS Chief Economist, predicts a market slow down.
National Association of REALTORS: longer days on market
In a webcast June 2, 2022, Economist and MLS partner, Dr. Eisenberg said the following:
2023 - Recession (nothing like 2008) to balance the economy
More inventory
Less multiple offers
Interest rates no more than 6%
https://youtu.be/xS4Yu8hs9zI
Economist Dr. Elliott Eisenberg, MLS partner
SILVAR -Silicon Valley Asso of REALTORS, President Otto Catrina said, "the market is shifting".
Summary:
Sellers: Interest rates are still low, there's low inventory which translates to not a lot of competition and still many qualified buyers that want to own their home.
2023 - you've sold your home at the peak of the market
Buyers: Interest rates are low, your dollar can buy more home, build equity instead of paying no-gain rent.
2023 - you're in a home that you now own and at low interest rates
Having been in the real estate market since 1999, I went through the dot com, dot bomb, market crash of 2008 and a hot market similar to 2000-2001, the bottom line is that you need a place to live. Find a home that you'll enjoy, if you have a child or children, find a good school district unless you choose to homeschool or select private education. California is allowing ADU's to be built on properties - check with your city/county planning department or transfer your property tax basis - check with the city/county planning department where you are planning to move next.
Experience matters, contact us today to help you make informed decisions.
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