2023 Housing Market: The Three I’s – Inventory, Inflation, and Interest Rates
As we move through 2023, three major factors continue to shape the housing market: Inventory, Inflation, and Interest Rates. Here's our current analysis and what it means for both buyers and sellers.
Advice for Potential Buyers
Inventory is expected to increase as we head into spring, offering more options for homebuyers. While mortgage rates have risen slightly, it's important to take a long-term view. Historically, rates are still relatively low when you look at the past 30 years.
If you're hesitant to buy because of uncertain interest rates, consider this logic:
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If you buy now and rates go down, you can refinance.
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If rates rise further, you’ll be glad you locked in a lower rate today.
For renters, remember that rising rent prices may continue to outpace the cost of monthly mortgage payments. If you qualify for a mortgage, owning is almost always the smarter financial choice compared to renting.
Advice for Potential Sellers
If you're unsure about selling, keep in mind—the market has already shifted. To get the best possible price for your home, don’t wait. We’re seeing a gradual decline from peak pricing and longer days on market in many neighborhoods.
Sellers who act now can benefit from:
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Higher visibility for their listings
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Less time on the market
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Stronger final sale prices before the competitive spring market arrives
Let's Talk Real Estate
For expert insights and trusted guidance, contact one of The Temple Team’s experienced Keller Williams real estate advisors. We’re here to help you navigate the market with confidence.
📞 704-235-3000
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