5 Real Estate Trends to Consider in 2023

The Austin real estate market has undergone significant changes over the past twelve months, as rising mortgage rates have contributed to a notable departure from the pandemic feeding frenzy for homes.
In 2022, Austin has seen an increase in the number of homes on the market and a corresponding decrease in home sales. This trend has raised questions among buyers and sellers alike, as they wonder what the future holds for the Austin real estate market.
Below, the team from Prevu Real Estate breaks down the top five real estate trends to consider as Austin residents head into 2023.

Will there be less competition among buyers?

It’s been a wild year for Austin real estate – and not in the way buyers and sellers experienced during the pandemic. As mortgage rates consistently rose with each Federal Reserve interest rate hike, a growing portion of homebuyers were priced out of the market as the monthly mortgage payments to secure an Austin home were no longer achievable.
While higher mortgage rates have been a headwind for some aspiring homeowners, the silver lining of 2022 was the resulting lower demand that allowed qualified buyers a respite from the bidding wars that were commonplace during 2020 and 2021.
This trend of less competition seems likely to continue in 2023 as the combination of high mortgage rates and improving inventory create more opportunities for qualified buyers.

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