Don’t Buy A Home In 2023 (The Worst Drop On Record)
Published: 2023-01-04
Status:
Available
|
Analyzed
Published: 2023-01-04
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
In 2023, housing prices are expected to see moderate declines nationwide, with vacation destinations experiencing the most significant drops. The market is predicted to shift in favor of buyers.
"for 2023 they believe price declines will be moderate across the country vacation destinations will likely take the biggest hit and most experts believe that 2023 will be the year where conditions begin to favor the buyer"
Pending
Mortgage rates are predicted to decline and reach approximately 5.7% by the end of 2023.
"they also believe that mortgage rates will begin to fall and likely settle around 5.7 percent by the end of the year"
Pending
CoreLogic forecasts a 4.1% increase in housing prices through October 2023.
"core logic forecasts that housing prices will continue Rising by another 4.1 percent through October of 2023"
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Housing markets in coastal areas are predicted to experience a decline of 5% to 15%.
"Coastal markets are likely to see a five to fifteen percent drop"
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National asking rents saw a 0.59% decrease in November.
"National asking rents dropped 0.59 in November"
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Phoenix and Las Vegas are leading the trend of year-over-year rent declines, with other regions expected to follow.
"Markets like Phoenix and Las Vegas are also the first to see year-over-year declines in rent with the rest of the country beginning to follow"
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Rental prices in New York have decreased by 10% year-over-year, and Milwaukee and Minneapolis are experiencing some of the largest declines.
"areas like New York are already down 10 percent with others like Milwaukee and Minneapolis seeing some of the largest declines in the country"
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Home purchase applications have fallen 36% year-over-year, indicating that buyers are waiting for market conditions to improve, which may take 6 to 24 months.
"purchase applications are also down 36 percent from a year earlier signaling that buyers are waiting for conditions to improve which could likely take another 6 to 24 months"
Pending
An increase in sellers renting out their homes will empower tenants, allowing them to be more selective, and will lead to landlords competing for tenants.
"I think as more people do this that's going to give tenants the upper hand to pick and choose where they want to live and landlords will begin to compete with one another for a limited pool of tenants"
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It is projected that it will take approximately 12 to 18 months for current housing prices to fully reflect the market adjustments.
"because of that it's probably going to take about 12 to 18 months for those new prices to really reflect"
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A mild overall drop in housing prices is anticipated, with some severely affected areas experiencing declines of 10% to 15%.
"a mild drop is probably the most likely scenario some of the harder hit areas declining by 10 to 15 percent"
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Expert consensus is that 2023 will see a shift in the housing market favoring buyers.
"most experts believe that 2023 will be the year where conditions begin to favor the buyer"
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Coastal housing markets are predicted to decline by 5-15%.
"Coastal markets are likely to see a five to fifteen percent drop"
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National asking rents declined due to a lack of new household formation, not an increase in renters becoming buyers.
"National asking rents dropped 0.59 in November and the largest cause isn't so much that those renters are turning to buyers but instead it's a lack of new household formation"
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Phoenix and Las Vegas are leading rent declines year-over-year, with other areas expected to follow.
"Markets like Phoenix and Las Vegas are also the first to see year-over-year declines in rent with the rest of the country beginning to follow"
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Apartment construction is at a 40-year high, with over 917,000 units expected to be completed in the latter half of 2023.
"apartment construction has reached 40-year highs with more than 917,000 units underway estimated to be completed in the second half of 2023."
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New York rents have decreased by 10% year-over-year, with Milwaukee and Minneapolis experiencing even larger drops.
"areas like New York are already down 10 percent with others like Milwaukee and Minneapolis seeing some of the largest declines in the country"
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A 36% year-over-year drop in purchase applications indicates buyers are waiting for market improvements, potentially for the next 6-24 months.
"purchase applications are also down 36 percent from a year earlier, signaling that buyers are waiting for conditions to improve which could likely take another 6 to 24 months"
Pending
Landlords are expected to compete for tenants due to a limited pool, potentially leading to more favorable conditions for renters.
"landlords will begin to compete with one another for a limited pool of tenants"
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It is predicted that it will take 12-18 months for current market conditions to be fully reflected in housing prices.
"it's probably going to take about 12 to 18 months for those new prices to really reflect"
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A moderate drop in housing prices is considered the most likely scenario, with severely impacted areas potentially seeing 10-15% declines.
"a mile drop is probably the most likely scenario some of the harder hit areas declining by 10 to 15 percent"
Pending