Spring Housing Forecast 2023
Q: What do you expect for Spring housing this year, Gerald? Gail, Maplewood, NJ
A: Residential real estate demand generally fluctuates seasonally with Spring home buying demand typically outpacing housing demand in summer, fall or winter. This Spring home buying season may be a little different than previous years. Weather this past winter was very mild in the local markets I work in which may have reduced pent up housing demand that often explodes in the Spring after a long, cold winter. Also, despite the recent spate of bank failures, mortgage interest rates have declined recently and The Mortgage Bankers Association (MBA) forecasts that mortgage rates are likely to trend down over the course of this year, with the 30-year fixed rate falling to around 5.3% by the end of the year. Therefore, I don’t expect any big changes in residential housing this Spring season. Thanks for your question, Gail.
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