One of the advantages of Working with Long and Foster is that the president of the Brokerage is a great communicator as well as good with the numbers. Boomer talks frequently about what is going on in the industry, and todays post is showcasing what he does best. For your edification, here is a short video of Long and Fosters Real Talk with Boomer providing his predictions for the 2023 Real Estate Market. Below the video, is a brief list of main points.
Boomers Main points
- Market will be dependent on FED Policy
- Mortgage rates 6.5 – 7%
- Inventory – there will be more inventory, but primarily due to longer Days on Market
- Home Values – Still near peak or close to it or moderate decrease
- While Real Estate is a hedge against inflation, investors will not be as active
- Consumer confidence – at or near all time low right now, but may improve later in the year
Planning to buy or sell
Buyer
- if you can get qualified of a loan – good time to buy, not as much competition
- Will pay a fair price - no longer a sellers Marker
- Good time to buy
Seller
- Prices still at or near high for homes
- Demand still outpaces supply, keeping prices stable
Long and Foster will not only survive, but thrive. We have been in business for 54 years and is the most financial stable Real Estate Company in the industry. We have been through all types of markets and know how to do well, regardless of the market.
I would love to hear your feedback, please tell me what you think in the comments or reach out to me at or BReynolds@LNF.com.
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