What can you expect from the housing market in the new year?

On Behalf of | Jan 5, 2023 | Real Estate Law |

For the most part, the residential real estate market reflected a classic “seller’s market” over the past year throughout the country. Anyone who was looking to buy a home certainly saw that in many areas. Interest rates on mortgages rose quite a bit and inventory on the housing market was limited—and what there was usually didn’t last long. So, whether you are a buyer or seller in the new year, what can you expect?

According to a recent news article, the starting point to answer this question always begins with where, exactly, you are looking to buy or sell a home. Our readers in the Boca Raton area will probably have quite a different experience from many others in the housing market in the rest of the country. However, some experts are saying that neither buyers nor sellers will have an advantage in the new year.

However, the recent article also noted that some experts expect more home inventory to be available in the coming months. As a result, bidding wars may be a thing of the past, at least in some housing markets. For buyers, some experts expect mortgage rates to stabilize but, unfortunately, those rates probably won’t come down all that much.

Jumping into the market

If you are a home buyer or seller in Florida, you probably know that timing is a key factor in getting a good result from a real estate transaction. There are a million little details to pay attention to in this type of transaction. Be sure you have the best information about your local market, the specific area where your transaction will occur and the legal steps you need to take to make sure everything goes smoothly.