Local realtors see drastically different housing market ahead for 2023

Published: Jan. 24, 2023 at 9:08 PM CST
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RIDGELAND, Miss. (WLBT) - In just a year, the housing market has changed.

Low interest rates, high inventory and major bidding wars are gone. Those helping buyers make the investment are learning what’s ahead for those seeking that forever home.

If you’re in the market to buy a house, experts say the climate is a lot different from last year’s.

Brokers attending Central Mississippi Realtors inaugural Housing Forecast were given a look ahead at the 2023 real estate market and economy.

President Chuck McGee anticipates a seven percent decrease in housing sales over the next 12 months. In the last two years, homes were hard to find and sold quickly.

“There was a lot of competition. You couldn’t hardly buy a house,” said McGee. “You were competing five to 10 buyers at a time and, so I don’t believe we’re gonna see that. We’re not seeing that right now. We’re seeing a lot less. I think the average is 2.2 buyers per contract.”

That’s down from last year’s more than 3.8 buyers per contract. Realtors learned there is a 10 percent increase in home prices nationwide, fewer homes are being built and there is less inventory.

“Real estate is all about education,” said Reginald Wells. “The more you know, the better you can help your clients.”

He is a realtor with The Agency HAUS. The 44-year-old attended to network and gather information for his clients. Wells hopes to help African American home buyers purchase property to create generational wealth.

“It’s free grant money out here for people. The biggest thing is education,” said Wells. “So, if you don’t know. You don’t know. So make sure that you talk to your realtor. You talk to your lenders and you find out what programs are out here and what program’s gonna work for you.”

Experts say it is a good time to buy.

Because of increased interest rates, they are seeing more people needing homes making purchases than those just wanting to buy to take advantage of the previously lower interest rates.

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