Somerset WI’s 2023 Housing Market Prediction has the potential to be very similar to the 2022 housing market based on my research of key indicators. However, due to the housing inventory shortage demand could quite possibly push appreciation higher in the 2nd half of 2023.
In 4th quarter of 2022 the GDP, the CPI index, and the PCE index started trending positively which drove long-term mortgage interest rates to drop approximately 1 full percentage point down to approximately 6.2% to 6.5%. My research, shows over a rolling 12-month period through November that the Somerset WI housing inventory of new listings, and closed sales were down significantly in 2022, but the median sale price appreciated 23.7%, as did the average sale price appreciation of 23.7%. Inflation is supposed to drop at the end of 2023 significantly and drop down somewhere close to 3.0%. If true, it will have a big impact on mortgage interest rates dropping. Lower mortgage interest rates will cause greater upward pressure on demand, which could significantly increased home sale appreciation. I anticipate the 2023 Somerset WI housing market to remain fairly similar to 2022, but demanding on demand there could be significantly higher home appreciation.
John and Becky Durham of the Durham Executive Group and RE/MAX Results are a husband and wife real estate team with 40+ years of combined experience licensed in both WI & MN. Their educational and unique real estate work experiences separate them beyond other Realtors. John is a trainer/consultant, and has received additional training as a licensed real estate Broker in both states. They have received unique marketing training as Certified Luxury Home Marketing Specialists (CLHMS). John and Becky have been recognized and received rare national top 1% marketing awards for the marketing of their client homes from prestigious organizations such as Realtor.com, and Trulia/Zillow. Becky has 30-years of Counseling experience combined simultaneously with 20-years as a Realtor including that as a SRES (Senior Real Estate Specialist) working with those 55+ of age. She is recognized nationally throughout the real estate industry as the Corporate Training Manager for the largest RE/MAX franchise in the world (RE/MAX Results) training 1,400+ Realtors throughout WI & MN.
Somerset WI 2023 Housing Market Prediction
Somerset WI’s 2023 Housing Market Prediction has the potential to be very similar to the 2022 housing market based on my research of key indicators. In 4th quarter of 2022 the GDP, the CPI index, and the PCE index started trending positively which drove long-term mortgage interest rates to drop approximately 1 full percentage point down to approximately 6.2% to 6.5%.
*It is important for home sellers to understand John & Becky provide award winning marketing expertise to ‘every home owner client regardless of price point.’
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