During the pandemic, the housing market has seen a huge crash. The usual market trend was not applicable during the lockdown situation. So potential buyers had to face difficulties. But the upcoming 2023 is going to be a good year for house buyers.
House inventory is going up
After a huge lockdown period, investors are now investing in building new houses. As real estate is an ever-growing market, people will require new houses every year. So, in 2023 there are going to be new houses on the market for sale. This makes the housing market more flexible for people who want to buy houses and invest in them. So, this is a good year for investing in properties.
Higher Mortgage But buyers’ market
Due to economic inflation and other issues, mortgages have risen a lot. This has become an issue for home buyers. But it should be kept in mind that there are more houses in the inventory. Meaning there are more houses than buyers. Which creates a seller’s market. This is an opportunity for buyers as house prices have the chance to fall a bit. Additionally, the buyer can manage the mortgage with a lower home price.
Rising rental rates
Rental rates have been increased in a way that is not financially smart anymore. Instead of paying a huge amount in rent, now buying a house and paying a mortgage has become more efficient. So, in 2023 this is going to play a role in buying new houses instead of renting.