What to Expect for This Year's Real Estate Market

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The real estate market for last year was most noteworthy for inflation and a steep increase in home loan rates. This all had a significant impact on buyer activity where momentum slowed leaving some buyers putting their plans on hold for their home purchase. So what does this mean as we enter 2023? Here is what some experts have to say.

Home Loan Rates

Nearly all experts agree that the future of mortgage rates hinges on inflation. If it is high, then rates will be too and if it continues to fall, rates will follow. There have been indications that inflation is cooling but it is still on the radar. What experts are stating now is that they expect rates to stabilize this year. It remains to be seen where they will land but if you average speculation from Freddie Mac, Fannie Mae, MBA and NAR you will see them arriving between mid 5% and mid 6%.

Home Price Trends

We can anticipate home prices to still be defined by the law of supply and demand. We experienced this for the past handful of years yet the landscape has changed during 2022. Buyer demand has cooled off due to the higher mortgage rates which has allowed supply to grow. Similar to mortgage rate predictions, we should examine the average of what experts forecast. Some feel we should see prices continue to rise, some feel they may fall. However, when you average what Realtor.com, HPES, NAR, Freddie Mac, MBA, Fannie Mae and Zelman have to say, you see rates steady for 2023. Each market is different where some have been more overheated than others. So in the end it makes sense that some may see drops while others will see increases this year. Lawrence Yun, Chief Economist of The National Association of Realtors puts it best by saying “After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Beth Dickerson

Boston, MA

Primary phone
(617) 510-8565
Email
[email protected]
Address
277 Dartmouth St. , 2nd Floor,
Boston, MA 02116

About The Author

One of Boston’s most reputable real estate brokers, Beth Dickerson has achieved more than $2 billion in sales and thousands of successful real estate transactions over her nearly thirty-year tenure. Beth has received national acclaim from the real estate industry and represents some of the most prestigious residents and properties across Massachusetts. Her enduring record as a top producer comes from the intuitive gift of sensing her clients’ needs. She has built a business that is referral-based at its core—a testament to her relationship-driven approach and penchant for exceeding expectations. It is this nuanced expertise that Beth leverages to guide many of her clients-turned-friends through some of the greatest milestones of their lives.

Beth was the proprietor of her own real estate company before joining the residential division of R. M. Bradley in 1993, where she was a top producer for more than a decade. In 2003, she founded her own boutique real estate firm, Dickerson Real Estate, before merging with Gibson Sotheby’s International Realty in 2007. Today, Beth attributes her success to her comprehensive marketing and advertising strategies, exclusive contact network, and unparalleled insight into neighborhoods like Back Bay, Beacon Hill, the South End and Waterfront. With an understanding that no two clients are alike, she works with clients in all phases of life—from first-time buyers to luxury developers, seasoned sellers and beyond. Beth offers clients the resources to aggressively market their property locally, nationally and globally, and her attention to detail, drive and enthusiasm are unmatched.

Beth has appeared in prestigious media outlets including The Wall Street Journal, Mansion Global, The Boston Globe, and Boston magazine, and was prominently featured as Greater Boston’s real estate expert on WCVB Chronicle in 2020. She has had the honor of serving as President of the Downtown Council of the Greater Boston Real Estate Board. For over ten years, she has been a Co-Chair and Committee Member for the Massachusetts General Pediatric Hospital for Children’s Storybook Ball. She serves as a Board Member of the Community Music Center of Boston and a member for the Perkins School for the Blind, Emerald Necklace Park Conservancy, Justine Liff Luncheon, Youth Villages and the Boys & Girls Club of Boston, among dozens of other organizations throughout the Boston area.

A long-time resident of Boston’s Back Bay, Beth was an active member of the community as she raised her two children: she served as treasurer of the Clarendon Street Playground and was an avid supporter of the Hill House Community Center.