Real Estate Price Forecasts End of 2023
Real Estate Price Forecasts End of 2023
Full Video Transcript Below
2023 Year- End Real Estate Price Forecasts...You Might Be Surprised!
Alice Lema: [00:00:00] Well, hey, everybody. Welcome back to the weekly podcast for Southern Oregon. I'm Alice Lema broker here and John L Scott real estate, beautiful Southern Oregon. And this week we're going to be talking about the year end predictions for home prices. We just got some updates from many different financial institutions.
And I want to show you this chart that we scooped off of KCM keeping current matters. They compiled several, several sources and put this in an easy to read graph. So it's comparing the original forecast from late last year right around Christmas 2022 to the current forecast. And it has to do with prices.
And it's interesting because what we're experiencing out in the field is real estate agents and buyers and sellers is that the prices are stabilized or ever so slightly going up. We don't see a big price [00:01:00] spike coming just because the interest rates are so high. The buyers have absorbed an enormous amount of that interest rate increase.
The sellers have absorbed some, but here I just want to point out that across the board Zillow, Wells Fargo, Home Price Expectation Survey, Morgan Stanley, Fannie Mae, everybody thinks we're either going to be stable for the end of 2023 prices, or we might even be up as much as five and a half, six percent looking at Zillow and the American Enterprise Institute.
So what does this mean for Southern Oregon. Every week I do a stats analysis for our three counties. That's Jackson County, Josephine County, and Klamath County, and it's on a separate video. You can go to my YouTube channel. It's also on our newsletter if you're getting that. But every week we're tracking and the prices are in fits and starts trying to go up.
The days on [00:02:00] market are stabilizing or going down a little bit. We don't have a ton of multiple offers on properties anymore, but we do have some. And just last week we sold 3 more million dollar properties in Jackson County. And our foreclosure and short sale sale closings are super, super low.
So you put all that together with a shortage of listings, and that's what's kind of trying to push the prices up. The interest rates are holding them down. And then there's just general apprehension in the market on both sellers and buyers and investors, just not really sure which, which way things are going to go.
But You know what? I'm here to say it doesn't look like we're having a crash. We've been saying that for quite a while. So if you're waiting, if you're buying and you're waiting because you think the prices are going to go down more, they might a little bit, but it's going to be neighborhood [00:03:00] specific. And it's going to be the kind of property if it's moving ready or not that seems to be the real clincher for pricing is, is it moving ready? Is it single story? Does it have a garage? You know, it's the, it's the Goldilocks house that everybody wants. So having said that, I just want to encourage you if you're thinking of selling any time in the next 24 months, you might want to get on the market now.
Only because there's still this shortage and I don't know how long that's going to last. We are slowly getting more listings on the market. We still have a lot of deficit quantity to make up for, but yeah. And if we price it kind of in the middle, middle, high middle, then usually get scooped up fairly quickly. Yeah, so it's interesting to see that the world is not falling apart in the housing market.
Commercial, there's some, some dire predictions coming on the commercial market. We're going to dive into that in a different [00:04:00] podcast because that that could have an effect eventually on the residential.
But right now, we've got a lot of the big players in the housing market saying that we're going to have either a stable, neutral market, or we're going to go up a sustainable, three to 6%. And, and Southern Oregon is kind of famous for that anyway, because we are a destination location. So tiny bit of good news, or at least no more bad news.
And we'll watch it. We'll watch it every week. That's what we do. And yeah and I'm here to help you with your real estate, whether you're selling, buying, investing, whatever you're doing, I can help. Great with downsizers, upsizers, riverfront, rural property, first time homebuyers. I can take care of your grandma and your kids on the same day.
So, so give me a call, give me a text, 541 301 7980 and have a great week. We'll hope to have some more good [00:05:00] news next week. Bye now.