After a few years of upheaval and instability in the U.S. housing market, sparked by the Covid-19 pandemic, housing market predictions for 2023 are forecasting a shift in sales. While the housing market has favored the seller in recent years, experts predict homes will begin staying on the market longer before a buyer is found. The changing mortgage conditions may also affect the number of sales in 2023. However, one demographic that is expected to pursue home ownership more vigorously is Millennials. According to Nick Bailey, president and CEO of RE/MAX, “the Millennial home buyers, who makes up a huge demographic, are primed to make their move.” Bailey sites a recent RE/MAX survey which found that 79% of Millennials plan to buy a home or condo in the next few years. In fact, the housing market predictions survey found that buyers are even more determined, many of whom are willing to spend more and/or expedite their timelines if it helped them obtain a new home in 2023.
Housing Market to Gradually Improve
Overall, industry specialists note that there are signs of gradual improvement in the housing market. According to Redfin’s deputy chief economist, Taylor Marr, “Slowing inflation and the hope of the Fed easing rate hikes in the New Year are likely to bring mortgage rates down further and thereby improve homebuying demand.” As the housing market steadies and improves, Top Flight Home Inspections, LLC will continue to provide high-quality home inspection services to clients throughout central Ohio. In addition to offering comprehensive home inspections, Top Flight offers Wood Destroying Insect Inspections, Radon Testing, Well Inspections, New Build Phase Inspections, and MFR foundation certifications. All buyer-purchased home inspections include a 120-day warranty, giving buyers added confidence in their purchase! Check out Top Flight’s 200+ 5-Star reviews and contact us today to schedule your high-quality home inspection services: 614-203-9217. You can also request an inspection online at: www.TFhomeinspections.com.