The 10 Real Estate Markets That Will Dominate in 2023
Just a few months ago, homebuyers were competing in knock-down, drag-out bidding wars for modest homes that were selling for six figures over their asking prices. Now, sellers are rapidly dropping prices and doing whatever they can to attract even a single interested buyer.
Call it the Great Real Estate Reversal.
As mortgage interest rates have soared, making purchasing a home significantly more expensive, buyers largely have disappeared from the market. It’s not that they don’t want to close on a home; it’s that they can’t afford to do so anymore. Home sales are down, prices have fallen, and properties for sale are beginning to pile up.
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