Summer 2023 Housing Market Forecast | This Could Change EVERYTHING

Housing market forecasts are starting to get a little...weird. Mortgage rates and home prices might rise, but new listings are falling off a cliff. Some real estate markets are still seeing hot buyer activity, with bidding wars going off on every other home. Other markets are watching their prices nosedive as buyers wait for the dust to settle before bidding. This isn’t a normal housing market, but that’s not stopping Dave Meyer from making some data-first predictions.

As the VP of Data and Analytics at BiggerPockets, Dave is always looking at housing data. But this time, it’s stranger than usual. With a recession looming, potential global conflict afoot, and the chance of the US finally defaulting on its debt, we’re not just dealing with regular supply and demand. Dave has taken this all into account and shares five of his top 2023 housing market predictions so you can buy when it’s your best bet!

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00:00 Summer Housing Market Predictions
02:17 1. Mortgage Rates Will Fluctuate
03:39 2. Home Prices Will Rise...Kind Of
05:03 3. Home Sales Will Pick Up But Lose Pace
05:44 4. New Listings Will Tank
07:05 5. The Market Will Polarize
09:04 Could Things Crash?
10:05 THIS Could Change Everything

[jhfoever]

Correct. My distant neighbor wanted to sell their home in Central New Jersey and they received a bit more than hundred visitors at an open house. No homeowner wants to sell home because they have to pay 30% more for a same house.

[KO-oocw]

Thanks for the analysis Dave. I am a makret bear and dont think we are out of the woods yet. If California layoffs and consequential market decline are any bid of an indicator, if/when unemplyoment increases we will see more inventory. Additional as more and more regional banks fail i believe there will be a credit call similar to 08 which will put alot of overleveraged investors at risk.

The dominos are still stacking up...

[davidstephens]

Thanks Dave! Housing prices are still slowly going up in OKC market and rents are rising but on a slower pace then sale prices.

[denesbastos]

Wow, prediction one already has to be updated as mortgages are on the 7s, maybe fluctuates on 6s and 7s

[michaelgallagher]

haha love that the short term shop sponsored this...one of my favorite things I heard at BP con was when someone asked another investor "where do you invest" and they response was "anywhere the short term shop is not" hahaha speaks to their dominance or perhaps saturation.

[Steaksteak]

Any thoughts on the Bay Area real estate? I'm reloing for a job and trying to decide if buying now or waiting is a better option. Thought it might be a good time to catch the dip and lock down a house.

[prestonscheidt]

Just so you know your short term shop sponsor has a bunch of placeholder text on their crappy website. I wouldn’t touch them with a 10 foot pole.

[mukundsalekar]

Thank you Dave as always for an amazing video.
What is the song or music that plays at the end of the video ?

[michaelgallagher]

Fantastic insights as usual dave thank you for the efforts!

[SuperApe]

They about to add 15% tax off the top all str income in CA. They about to collapse every tourist destination in the entire state. Because that is the profit margin or break even on most properties. It's horrible it's barely profitable as it is with the local taxes, increasing expenses, fees and labor as it is. Really going to destroy the little guy just trying to get ahead. Mind doing a video about this to get the word out to hopefully get people to stop it.

[Stratted]

I’m selling now and waiting for rates to drop before next purchase. 7% is way too high

[charless]

If a debt ceiling agreement is reach before June 1, how quickly do you think mortgage rates will respond? Loan officer says we have till June 2 to lock a rate 😬

[Zudjy]

Great content Dave very much appreciated.

[Jetsetfastfood]

The housing market is a regional phenomenon.

[ivannightly]

I think your extremely optimistic, 3 major banks have failed so lending will tighten, companies are closing stores, so retail is dropping which in turn means jobs are dropping. Middle class slows spending support jobs like food etc start laying off, car sales could drop quickly the auto workers start to get cut. This could easily turn to a full depression only the fact elections are coming soon may make the government shore this up to get reelected but then boom

[norivondoren]

Your missed your predictions before you started. rates are at 7 already and they are on an upward trend. :)

[BG-jgpt]

As a loan officer we are at 6.99 today for the most part.. this is the highest rates we have had in a minute i do think novemember was a bit higher though

[jerowm]

A of people moved during the pandemic & refinanced.. I agree, I don’t see people selling anytime soon.. we’re going to go down another 20% before we bottom out nationally

[theRetainer]

It seems the presenter read from a script the entire time. How can they say prices will go higher? That's ridiculous. Higher rates means that people won't be able to afford prices going higher, which lowers demand and prices as a result even with low inventory. Additionally, what bank will want to risk lending money to people that will most likely default if they experience a layoff or any other trouble in their life. I think Bigger Pockets is betting on interest rates going down. However, a big part of inflation is tied to the housing market so if prices go up, the chance for another increase in interest rates by the Fed is highly likely. Additionally, there are other things that are happening right now such as the commercial real estate crisis that's brewing as well as a potential credit crunch that could affect the housing market and a recession that's almost guaranteed. I do think that some markets will be affected more than others. Real estate is local after all.

[irisyu]

Another video that lacks data to support its arguments….loads of anticipations came from personal opinions. The rate just went higher than 7% by the way. Not gonna give another chance to this series of the channel, always disappointing.