Home Buyer's Tip Wednesday for Short
The 2023 real estate market will most likely be driven by interest rate adjustments.
After experiencing the roller coaster ride in the 2022 real estate market, home buyers now have learned to monitor interest rate adjustments.
Interest rate not only affects your monthly mortgage payment amount, but it also affects your mortgage power, i.e. the maximum of $$ you can borrow prior to your purchase.
According to the predictions of several major banks, the common denominator of their opinions concludes the following:
Spring & Summer 2023 - interest may still increase incrementally, but not as aggressively as in 2022. Personal opinion, this is to keep suppressing the home buyer’s anticipation.
Fall & Winter 2023 - interest rate may stay stagnate/plateau. Personal opinion, this is to allow all effects to catch up and monitor responses/ramifications.
2024 - Interest rate may start to be reduced. This is to robot economy and we enter into a new 5-10 year economy circle.
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