Business View Magazine May 2023

11 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 5 2023 HOUSING MARKET CORRECTION: FORECAST FOR THE REST OF THE YEAR Source, Source-gobankingrates. com, first published April 17 It has been a wild few years for the housing market. If you’re thinking about buying or selling this year, you’re probably feeling a bit apprehensive about the process. There’s no way to know exactly which challenges you’ll face, but you want to be as prepared as possible. GOBankingRates spoke with several real estate experts to find out what they think the rest of this year’s housing market will look like. BUYERS WILL GET SOME LEVERAGE “The market has shifted to a buyer-friendlier market, but sellers still hold a lot of cards,” said Lindsay McLean, co-founder and CEO of HomeLister. “As mortgage rates rise and affordability dips, sellers may have to shift their expectations to match the changing market — and buyers [will] have more leverage.” Despite that, she said the market will return to a more balanced position than in previous years. “Buyers are finding they can once again buy without waiving contingencies and sellers are starting to offer concessions,” she said. “However, many sellers hold low-interest-rate mortgages and are not under pressure to sell and so may hold out for the offers that they want.” HOME PRICES MIGHT DECLINE The housing market has shifted considerably, but McLean said it’s still hard to say whether this means home prices will decrease this year. OPENING L INES