Tips From Juan Mestre
Your Forever Realtor Associate

While the present inflationary situation of the economy is creating new difficulties for
homebuyers, there are a number of significant, advantageous side effects to bear in mind if
you're thinking about buying a new house soon.

While home prices are not anticipated to drop significantly more in 2023, which is excellent
news if you're considering selling, there will be a benefit for purchasers in most places due to an
increase in the number of housing options available. Here are some other forecasts from the
home-search website for 2023, along with their positive implications:

According to Realtor.com, average mortgage rates will peak at 7.4% in the first quarter of 2023
before starting to slowly decline and stabilizing at 7.1% by the end of the year.

Positive: As inflation starts to level down, interest rates shouldn't continue to rise. Furthermore,
they will continue to be historically low notwithstanding the rises.

While realtor.com projects that price growth will slow to a single-digit annual pace (+5.4%) for
the first time since 2020, home-sale prices aren't projected to decline.
Despite the fact that prices may not have decreased far enough to provide buyers a deal, bidding
wars and dangerous buyer concessions such bypassing important property inspections have
subsided from their height during the epidemic. For sellers, there is a bright side since they won't
have to lower their list price to absurdly low levels.

The survey claims that rents (+6.3% year over year) would rise faster than home prices and will
reach record highs, putting further strain on household finances, particularly for first-time
purchasers.

A silver lining is that first-time homebuyers may find homeownership to be a more reasonable
alternative due to rising rents, and many of them may also qualify for government student loan
debt relief.

As the inventory refresh that started last summer intensifies, Realtor.com and the majority of
housing economists report a rise in the number of existing properties for sale (+22.8% year-overyear).

The bright side is that there will be more properties available and more time for decision-making
for potential homebuyers.

The survey also forecasts that, in 2023, house sales would reach 4.53 million, the fewest since
2012, a 14.1% year-over-year fall.

Less competition for homebuyers is the silver lining.

While it's important for both buyers and sellers to stay updated about national housing market
trends, keep in mind that all real estate is local, regardless of the market. To learn more about
how national trends are affecting your market, speak with me Juan Mestre your local real estate
expert. To assist you in achieving your real estate objectives, I will be able to lead you through
the difficulties of the real estate market.
A good agent, like myself, will be familiar with the market and locations you're living and
working in. It's my job to know this, thus I will be far more familiar with your search region
remember that having me, Juan Mestre, as your real estate agent in your corner may make many
difficulties go away for your home sale and purchase.
Sourced from the information available for NAR, FloridaRealtors.com, miamirealtors.com,
Realtor.com, BHHS.com, and my knowledge