Changes to the Housing Market in 2023
The housing market is forever evolving, and 2023 is no exception. So, here we discuss the evolution and some predictions regarding the housing market for this year. We will also cover some solutions to fighting the tide of incoming changes.
What’s Happening?
There have already been several predictions that the housing market is set to cool this year. At the end of 2022, we saw the RICS report that sales activity in the residential housing sector was declining, with demand from new buyers plummeting to -38%. This, combined with national statistics on sales expected to fall by -25%, shows mounting evidence that we will see a cooling period approaching in 2023.
Some researchers believe this comes off the back of an imbalance between supply and demand for housing. For instance, interest rates and economic health can be significant barriers to healthy buyer interest:
The Office of Budgetary Responsibility predicts that inflation will rise to 4.8% by the 3rd Quarter of 2023.
As a result, real estate agents and sellers must ensure they have the right incentives and strategies if they don’t want to fall behind.
Responding to Housing Price decline
One of the most significant changes we're likely to see in the coming year is the increasing use of technology in the buying and selling process. One tool that is becoming increasingly popular among real estate professionals is free inventory report software. This software allows agents and sellers to track and analyse their housing inventory, making it easier to identify trends and make more informed decisions about pricing and marketing.
Another significant change in the housing market in 2023 will be the demand for more sustainable and energy-efficient homes. As people become more aware of their housing choices' environmental impact, they will look for homes built with sustainable materials and featuring energy-saving technologies. This trend is expected to drive demand for homes equipped with solar panels, geothermal systems, and other green technologies.
In addition to these trends, changes in the overall economic climate may impact the housing market in 2023. For example, as rising interest rates tighten the market, we may see changes in government regulations. This could affect the affordability of homes and impact the number of buyers and sellers in the market.
Takeaways
Overall, the housing market in 2023 is likely to be shaped by several factors. Most notably, these include technology, sustainability, and the overall economic climate. As a result, real estate professionals must stay informed about these changes and have access to tools like free inventory report software to make more informed decisions and remain competitive in a rapidly changing market.
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Gary, 10 February 2023
Post Titles
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