Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Real estate»Local real estate agents see a radically different housing market for 2023
    Real estate

    Local real estate agents see a radically different housing market for 2023

    January 25, 20232 Mins Read
    WhatsApp Facebook Telegram

    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.

    Want more WLBT news in your inbox? Click here to subscribe to our newsletter.

    Copyright 2023 WLBT. All rights reserved.

    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    January 4, 2023 – InsuranceNewsNet

    January 4, 2023

    Real estate transfers | Mount Airy News

    December 25, 2022

    3 essential rules for managing your money in retirement | Economic news

    November 27, 2022

    Choose benefits column — planning for 2023

    November 15, 2022
    Don't miss

    Hillhouse reportedly moves to MBFC Singapore

    December 17, 2022

    MiB: Kathleen McCarthy, Global Co-Head of Blackstone Real Estate

    December 10, 2022

    The 10 most expensive home sales reported in Oakland the week of November 14

    November 26, 2022
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.