What to Expect - 2023 Fall Real Estate Market

Dated: September 21 2023

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Ready to FALL into the real estate market? Here are some market predictions for the upcoming quarter!

Home Prices and Rent Growth

• Home price and rent growth will likely level off for the remainder of 2023 and into 2024.

• Rent growth may overtake home price appreciation, with the rental market remaining strong and rental prices expected to increase.

• The number of renters is also expected to rise as the cost of homeownership increases, particularly in urban areas.

Mortgage Rates and Inventory

• Mortgage rates will remain high (above 6%), contributing to the overall high cost of home ownership.

• Unwilling to give up their sub-4% rates, sellers will likely stay put, causing the housing inventory shortages to persist.

• Joint real estate purchases will become more common as a way to afford larger properties and qualify for mortgages.

Buyer Trends

• Following a recent decline, the percentage of first-time homebuyers entering the market may rise in early 2024.

• Affordable markets in the Midwest, South, and Sunbelt will continue to attract younger buyers who are able to relocate due to remote work.

• Further, many are moving to be closer to family and loved ones, with 17% of recent buyers citing this as their primary motivation.

Are you ready to make a move? Reach out, I would love to help you find your dream home in time for the holiday season!

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Mike Conner

Mike Conner is a full time REALTOR who has been making his client’s dreams a reality 2003. Based in Centennial, Colorado, Mike is the expert to help you with all your home buying and selling nee....

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