The 2023 Housing Market: See What Experts Have to Say
Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors (NAR), made a guest appearance at a recent Coldwell Banker Education Expo to discuss the housing market and its economic outlook.
Dr. Yun has a positive outlook on the housing market. He states that those who have a long-term perspective should go for it and buy now if they find the right property. Dr. Yun goes on to explain that mortgage debt becomes less heavy with unexpected inflation. He shares, “Inflation means income rises year after year but monthly [mortgage] payments remain the same. If inflation disappears and mortgage rate lowers, people can always refinance.”
Although a recent Fannie Mae survey suggests most are saying now is not the right time to buy, Dr. Yun expresses that what people say versus what they do is different. He shares, “If conditions are right people will jump into the market independent of whatever sentiment they have expressed.”
Other experts seem to agree with Dr. Yun as well. In Forbes article, “Should I Buy a Home Now or Wait?”, Cyrus Purnell shares, “The only certainty in the housing market is change…If you own a home for the long-term, market conditions like interest rates can be remedied by refinancing when rates are more reasonable.”
Listen to the experts, buy the ideal home for you in 2023 at The Park on Ke’eaumoku.
For more information on The Park on Ke’eaumoku, contact our Sales Consultants at 808-762-0178 or visit our Showroom at 1440 Kapiolani Blvd., Suite 1020 daily between 10 am – 5:30 pm. Check out The Park on Ke’eaumoku online at www.theparkonkeeaumoku.com.