Home Buyer optimism for 2023 is still high after a very busy and competitive 2022.
According to an article by NerdWallet, 1 in 9 of those surveyed plan to buy a house in the next 12 months. That would be 28 million homebuyers when applying to the whole country. Meanwhile, last year, only 6 million houses in the US sold.
This poll was conducted in December 2022.
Key points found in the survey:
- Prospective buyers hope to spend around $269,200 for their new home. Unfortunately, the median home price as of October 2022 was $379,100.
- 32% of those surveyed say they feel worse about their ability to purchase a home in 2023 compared with 2022.
- 67% of those surveyed believe there will be a housing market crash in the next three years.
- 70% of those surveyed who began 2022 with plans to buy a home were unsuccessful.
If you are thinking about buying a home in 2023, it is important to understand that it is possible that the supply of listings may not grow. There is the potential that there could still be some bidding wars in certain real estate locations in 2023.
Real estate is very local. Even within the Greater Baltimore real estate market, there many sub-markets with differences in affordability, popularity, and supply of homes for sale.
If you are considering buying a home in Timonium or Towson, please contact me. I would be happy to help!