Lynn North's Market Update

The rapid market slowdown of the past six months is predicted to largely level off in 2023.
•    Fewer home sales in 2023 compared to 2022. Annual US home price growth to decline only modestly or stay same as 2022
•    Inventory to stay at current levels or increase somewhat over 2022
•    Interest rates to be lowered to between 5% and 6% from 7%
•    Sellers are weighing the options of renting their homes until market improves to sell it
The market’s balance of power is predicted to shift towards buyers for the first time in years.

•    2023 should have more balanced housing market, where sellers will still realize healthy appreciation levels (10% a year) and buyers will appreciate lower prices
•    First-time buyers will stay at the same lower levels as in 2022
•    Buyers aged 55-74 will continue or rise from the record highs from 2022
Urban living, condos and shared amenities will all be more popular in 2023•    As affordability challenges continue, the pandemic fades, cities regain their luster and more companies begin to require employees to return to the office more regularly, condos will experience a resurgence in popularity in 2023.
•    Urban living would grow in popularity.
•    Community amenities – community centers, pools, tennis/pickleball courts, etc. – would grow in popularity was more than triple the number that said those amenities would fade in popularity.
•    Large yards would fade in popularity
Please do not hesitate to contact me for all of your real estate needs! I truly am personally committed to your success!
Lynn North
(650) 703-6437

Take a look at the Market Update By County.

Work With Lynn

She is personally committed to her clients’ success and her impressive results are in selling her listings within 10 days with multiple offers! Contact Lynn for a free consultation on your home.