It’s that time of year when real estate experts pull out their crystal balls and make some new year predictions. Good thing California Listings has the best of the best right here to offer their sage wisdom and advice!
Check out where our expert agents believe the housing market is headed in 2023—and take in some brilliant advice for buyers and sellers in the new year.
“We’ve had such a strong few years that any shift will feel very different. I believe we will see some more price reductions because of the affordability factor if interest rates go up. But we’re in such a unique area and sought-after area that the economic impact usually takes longer to hit. It doesn’t last as long as some surrounding cities. There will be many opportunities. I know we will see investors coming back into the mix, I know we will see more foreclosures than we have in the last five years.
Buy for the long term: I know people that didn’t buy when rates were lower than 3 percent because they were expecting a crash to come. Three years and hundreds of thousands of dollars in equity later that they would’ve made they’ve completely missed out on and now rates are double. There’s always going to be some type of economic issue. But if you buy for the long term, you can always refinance when the rates drop just don’t overextend your purchase power.” —Placer County expert Bobby Graves