What could happen to the US housing market in 2023?
The US housing market is currently in a vulnerable state, with the economy struggling to stabilize in the wake of the COVID-19 pandemic. To gain an insight into what might happen to the market in 2023, Nate Strager of Luxury State International recently interviewed Ms. Julie Sanchez of Alderus Mortgage, a licensed loan officer and mortgage professional since 2005.
Ms. Sanchez discussed how 2020 and 2021 were "anomaly years," referring to them as "fire sales on houses"—a unique opportunity for those who know how to take advantage of it. She said that most of the business was a mix of purchases and refinances in 2020 and 2021 but had shifted focus in 2022 towards purchases due to increasing interest rates.
The loan officer went on to say that she was "pretty happy" with how 2022 turned out for her when asked if it was one of her best years. Compared to 2019, 2021 and 2020 had proven far more successful for Sanchez, with her business having more than tripled as people sought to take advantage of ultra-low interest rates. Despite being unable to accommodate everyone due to demand outstripping supply, she noted that they had done their best to help as many people as possible by making the most of the strategy-type market conditions that presented themselves during this time period. It appears that 2022 ultimately proved slightly better than 2019 according to Ms Sachez's own assessment.
Moving forward into 2023, it is difficult to make any conclusive statements regarding the future trajectory of the US housing market as numerous variables remain uncertain due to ongoing economic fluctuations caused by COVID-19-related restrictions such as health protocols and travel bans, amongst other measures taken by global governments worldwide. Financial markets have been largely impacted by disruptions brought about by lockdowns and social unrest present throughout much of 2020 and well into 2021 in some areas, both having remarkable implications concerning consumer confidence that could have repercussions lasting well beyond 2023 within certain industries.
That being said, there are promising signs that suggest a return back towards pre-COVID levels within certain global economies over time amidst stimulating government policies put into place across sectors meant to mitigate financial losses incurred over the past year or so due which may cushion any potential freefalls experienced going forward - including within real estate markets quite possibly even up until 2023 depending on its overall performance throughout months leading up between now then for better or worse these upcoming months will be critical in determining its ultimate direction. Watch this exclusive interview on Nate Strager’s official Youtube channel: https://www.youtube.com/watch?v=1QBlq2teq2E&t=41s
