All of the current forecasts on existing home sales in 2023 rely on where the 30-year mortgage rate is going to be, and thats in flux. Anything higher is traditionally a buyers' market and anything lower is a sellers' market. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. 2023 Mortgage Forecast: Rates Expected to Decline editorial policy, so you can trust that our content is honest and accurate. Although, it is quite difficult to forecast the housing market for the next five years here is an insight into what most experts predict can happen. NAR Chief Economist Yun's forecast represents a drop of about 6.8% from this year's sales; he expects the median home price to rise just 0.3% from this year to $385.8K. The National Association of Home Builders predicts that the national housing shortage will last through the end of the 2020s. This diversified economy can help insulate the state from economic downturns, which can be beneficial for real estate investors. Florida Real Estate Forecast Next 5 Years: Will it Crash? Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Over the next two years, these factors could have a huge effect on our real estate forecast for the Florida market. We continue to see that homeownership remains a strong goal for consumers, particularly for young adults looking to start a family and who feel secure in their jobs and ready for that next transition., Sixty percent of workers who switched jobs over the past year earned more money in their new roles, even accounting for the fast pace of inflation, according to a recent study from the Pew Research Center. so you can trust that were putting your interests first. Despite the uncertainty caused by the pandemic and other external factors, the housing market is expected to remain strong, with opportunities for both buyers and sellers. How consumers are affected by the economy, inflation and other factors or how they feel about whats going on in the world around them influences consumer confidence and factors into their buying decisions or saving habits, according to Dr. John Leer, chief economist for Morning Consult. However, markets that saw some of the largest growth over the course of the pandemic, including Boise, Austin, and Raleigh, are projected to cool the fastest.
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