2023 Market Predictions

The real estate industry is in for a wild ride over the next year, according to the Realtor.com's 2023 Housing Market Predications Report. This forecast predicts an overall positive outlook with ongoing growth, but it also acknowledges that several regional markets are more volatile than others and may not experience consistent gains.

The report notes that there are some headwinds to sustained growth, particularly in regions affected by the pandemic and its economic fallout. Tightening credit conditions, an already low inventory of homes for sale, and historically high lumber costs may all put pressure on affordability and slow the housing market's progress.

The good news is that many markets have been resilient and there are signs of optimism as the economy recovers. Realtor.com expects that home prices and sales activity will continue to rise in most markets, albeit at a slower pace. Affordability is projected to remain a challenge for some buyers, however, as potential buyers may have difficulty securing financing.

The report also predicts an increase in rental activity over the next year as renters take advantage of more affordable housing options and the flexibility that comes with not having to commit to a longer-term mortgage agreement. This could spell good news for investors looking to capitalize on these shifting trends.

Overall, the 2023 National Housing Forecast predicts a continued rise in housing prices, though certain regional markets may be more volatile than others. It also forecasts an increase in rental activity as renters take advantage of the flexibility that comes with renting. All of this suggests a vibrant and dynamic real estate market going into 2023, so it’s important to stay informed and up-to-date with the latest trends.

No matter where you are in your real estate journey, it’s important to stay abreast of the fluctuating market conditions. By doing so, you can ensure that you’re making informed decisions and leveraging the best opportunities available to you. With a comprehensive understanding of the current market conditions and the changing trends, you can make sure that you’re making the most of your investments and positioning yourself for success.

Property Liens That Can Stop The Sale

One of the most common reasons for a home sale to fall through is the presence of property liens. Often the sellers are not even aware they have a lien on their home and the delay caused by having them removed can cause a qualified buyer to look elsewhere.

Along with other pre-listing tasks, such as repairs and curb appeal projects, sellers should order a title search to determine if any liens are on the property. Some liens are expected, such as the mortgage lien which ensures any home loan is paid off at the time of close, but others might come as a surprise. Here are a few liens which can derail your closing.

· Mechanics Lien – A contractor may place a mechanics lien on your home to make sure they are paid after a home project.

· Divorce Lien – Even if you and your spouse have agreed on the sale of the home, the court may need to approve the sale before the lien can be removed.

· Homeowner’s Association – Past due HOA payments and assessments can lead to a lien on the home.

· IRS and Property Taxes - A government legal claim against your property when you neglect or fail to pay a tax debt.

· Judgment Liens - Is a court ruling that gives a creditor the right to take possession of a debtor's real or personal property if the debtor fails to fulfill his or her contractual obligations.

· Credit Card Liens – If you default on a credit card and the issuers get a judgment, they can attach a lien to your property. Liens must be dealt with before a home can change title. Often the lienholder will negotiate the payment, but others will want full payment before releasing the hold. Either way, dealing with liens can take time and money. It’s always best to remove liens before listing your home for sale.