2023: Will the housing market crash?

2023 will the housing market crash

Is there a crash expected in the real estate markets? 

What is the true extent of the housing market crash?
Understanding real estate’s seasonality will allow you to better understand the situation.

There is also more competition in October and December, the slowest months of the year.

Due to higher interest rates, demand will slow down.
The higher interest rates make buying a home more expensive.

How can the crash be prevented?

The low number of buyers is offset by low numbers of sellers, preventing a housing market crash.
According to the October listing statistics, there are 1.69 million homes on the market.
There has been a 46% decrease compared to last October.

There may be a difference in the situation in your area, state, or city based on these factors.
Why would you want to sell your home and give up your 3% mortgage rate when the market has been relatively quiet since 2021? Most sellers find it illogical, therefore.

A hibernation-like state seems to be taking place between buyers and sellers. Both scenarios have good and bad aspects.

A deep recession would be the worst-case scenario.
A 4% increase in home prices over last year is the best-case scenario.

It is also necessary to take seasonality into account.

As some have predicted, the U.S. housing crisis is not the worst in decades.
For home prices to crash, a decline of 34% is required.

Currently, there are 1.69 million homes for sale, compared to 2.9 million foreclosures.

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