RIDGELAND, Miss. (WLBT) – In just one year, the housing market has changed.
Low interest rates, high inventories and big bidding wars are gone. Those helping buyers make the investment learn what awaits those looking for that forever home.
If you’re in the market to buy a home, experts say the climate is very different from last year.
Brokers participating in Central Mississippi Realtors’ first housing forecast got a glimpse of the real estate market and economy in 2023.
Chairman Chuck McGee predicts a 7% decline in home sales over the next 12 months. For the past two years, homes were hard to find and sold quickly.
“There was a lot of competition. You couldn’t barely buy a house,” McGee said. “You were competing with five to 10 buyers at a time and, so I don’t think we’re going to see that. We don’t see that right now. We see a lot less. I think the average is 2.2 buyers per contract.
That’s down from more than 3.8 buyers per contract last year. Realtors learned that there was a 10% increase in house prices across the country, fewer houses were being built and there was less inventory.
“Real estate is all about education,” said Reginald Wells. “The more you know, the better you can help your customers.”
He is a real estate agent with the HAUS agency. The 44-year-old has been involved in networking and gathering information for his clients. Wells hopes to help African American home buyers buy property to build generational wealth.
“It’s a free subsidy here for people. The most important thing is education,” Wells said. “So if you don’t know. You do not know. So be sure to talk to your real estate agent. You talk to your lenders and find out what programs exist here and what program will work for you.
Experts say now is a good time to buy.
Due to rising interest rates, they see more people who need a home making purchases than those who just want to buy to take advantage of previously lower interest rates.
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