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What are the expectations for real estate in 2023?

On Behalf of | Oct 28, 2022 | Real estate transactions |

The last few years have brought significant changes to both commercial and residential markets. As investors, buyers and sellers look to the upcoming year, considering current trends can help one create reasonable expectations regardless of his or her individual real estate goals. With mortgage rates rising and housing prices remaining high, those looking to buy or sell a home in Tennessee in 2023 will benefit from preparing for what is ahead. 

Understanding what’s ahead 

One of the primary challenges facing those who were looking to buy a home at any point over the last few years has been extraordinarily high home prices. In most areas across the country, prices jumped to levels never seen before, making it difficult for buyers to move forward. However, in 2023, this may be different. Experts believe that home prices may begin to drop, yet mortgage rates will likely escalate. 

Experts also believe that home sales will be lower in 2023, and inflation is expected to remain high. Added together, all of these factors could impact buyer confidence, list prices and more. With economic uncertainty and a possible recession on the horizon, it will be critical for both buyers and sellers to protect their interests at every step. 

Legal guidance for buyers and sellers 

When buying or selling a home in 2023, it will be beneficial to have the guidance of an experienced attorney. There are multiple factors that could impact the interests of a Tennessee buyer or seller, and it is prudent to have protection and counsel at every step during a real estate transaction. This allows one to avoid problems and setbacks that could cost time and money.