The Top 3 Things to Watch in Real Estate in 2023
The Top 3 Things to Watch in Real Estate in 2023 Consumers The personal savings rate in America is at its lowest since 2005, and ~¼ of what it was leading up to the pandemic. Consumer confidence is similar to the depths of the ‘08 financial crisis, but the labor market and consumer spending have remained strong through 2022. Will the recession narrative be a self-fulfilling prophecy? or are consumers so driven by “animal spirits” after being stuck at home that the Fed is able to achieve a soft landing? Home Prices Home Prices are expected to continue declining, but with inventory levels remaining scarce, prices could hold higher ground than some think – still, certain markets will drop more than others. The incentive to move to find “more house” has completely flipped, and now many homeowners will be reluctant to sell unless they have good reason to. Interest Rates The Fed probably isn’t…