Green Haven Gazette

Looking for buying and selling tips on real estate? Check out the Green Haven Realty Blog. We write posts on local real estate trends for Winston-Salem, Clemmons, Lewisville, Advance, Kernersville, Greensboro, High Point and surrounding Triad (NC) areas, as well as market reports for Forsyth, Davie, Davidson, Guilford, Yadkin and other Triad counties as well as Neighborhood Market Reports (If you don't see your neighborhood listed, just ask and we'll be glad to add it). Let us show you how the latest technology can make buying and selling your home easier and faster.

Feb. 4, 2023

2023 Real Estate Forecast

How Will the Real Estate Market Perform in 2023?

The start of a new year is always exciting for real estate professionals and homeowners alike. As we look forward to what 2023 has in store for the market, it's essential to consider the current state of affairs and what experts predict for the coming year. With mortgage rates rising, home sales slowing, and uncertainty reigning supreme, many are nervous about the future. So what is the 2023 real estate forecast? We've consulted North Carolina's finest Realtors®, and with their help, we analyzed relevant data, and here's what we've gathered about real estate market trends we can expect in 2023.

Lewisville-Clemmons NC Realtors discussing the real estate market

 

Real estate forecast for 2023

With mortgage rates on the rise, home sales slowing, and uncertainty permeating the market, homeowners, sellers, and buyers alike feel uneasy. The average 30-year fixed mortgage rate currently stands at 6.63%, while the inflation rate is a staggering 7.1%. Furthermore, the National Association of Realtors reports that existing homes are selling at the slowest pace observed in 10 years.

lewisville-clemmons real estate market forecast

So if you're planning to embark on a real estate adventure this year, you must research. That is especially important if you are moving out of state. After all, if you are, let's say, in for an interstate moving from Florida to North Carolina, the easiest thing will be hiring movers. However, the same as you'll need to let experts give a hand when it comes to your move, you'll also need expert help to understand the 2023 real estate forecast.

To gain insight into the future, we reached out to several industry experts for their forecasts and projections. Their evaluations and predictions cover a range of topics, and in this article, we'll focus on the following:

        Mortgage rates forecast for 2023

        Home sales forecast for 2023

        Real estate market trends forecast for 2023

Mortgage rates forecast for 2023

If you plan on buying a North Carolina home in 2023, one of your biggest concerns is the escalating cost of financing a home. Interest rates roughly doubled in 2022, and mortgage rates have followed suit. Will the trend continue in 2023? Experts are divided on the issue.

On the one side, experts predict that 30-year and 15-year mortgage rates will continue to rise throughout 2023, reaching an average of 8.75% and 8.25%, respectively. They cite continued inflation, higher overall interest rates, a potential recession, and geopolitical tensions as the main drivers of this trend.

The other group of experts is, on the other hand, much more optimistic. They believe rates will peak at about 8% and 7.25% for 30-year and 15-year loans in early 2023. Then, it will gradually decrease to around 6.0% and 5.25% over the year. They advise this entirely depends on Federal Reserve’s ability to get inflation under control and ease up on its aggressive rate increases.

Potential scenarios for mortgage rates

Experts from the National Association of Realtors envision three different rate scenarios occurring in 2023:

  1. Inflation remains high, and the Federal Reserve continues to raise interest rates, causing mortgage rates to climb to around 8.5%.
  2. Inflation slows, and mortgage rates stabilize near 7% to 7.5 % for 2023.
  3. The Federal Reserve raises rates to curb inflation, but the economy falls into a recession, causing rates to drop to 5 percent.

Home sales forecast for 2023

 

While the direction of mortgage rates will majorly impact home sales, the effect on home prices is less clear. Experts predict a mixed bag, with prices rising in some areas and falling in others. For instance, some experts believe that home prices will rise in areas with strong economic growth but fall in areas with weaker growth, while others see prices remaining relatively stable, with only a slight decline in some areas.

winston salem realtors discussing the real estate market

All experts agree that the current uncertainty and volatility in the market will make it challenging to predict home prices with any certainty. Factors such as the overall state of the economy, the direction of mortgage rates, and the level of housing supply will all play a role in determining the trajectory of home prices in 2023.

Potential scenarios for mortgage rates

Regardless of which scenario plays out, it's clear that the direction of mortgage rates will majorly impact home sales. Here are three potential scenarios and how it could all go down:

  1. With rising mortgage rates, sales will be the most affected, with a significant decline in activity.
  2. Sales will be more stable, but still slower than in previous years.
  3. With falling rates, sales may pick up, but the overall economic conditions would likely be unfavorable, impacting the overall market.

Real estate forecast on market trends for 2023

 

A shortage of homes has been a major factor driving the real estate market in recent years. But experts have different predictions for housing inventory in 2023. Some real estate experts believe that inventory will remain low. They point out that current homeowners are unlikely to trade in their low-interest mortgages for new homes with higher interest rates. On top of that, builders have scaled back on housing starts in recent months. That means there will not be a significant increase in supply from new construction.

lewisville clemmons real estate agent holding home for sale sign

On the other hand, some experts predict that housing inventory will increase throughout 2023 as homes become less affordable due to high mortgage rates. They believe that as the rates increase and make it more difficult for people to afford the homes, more sellers will put their homes on the market. But that doesn't mean there aren't ways to have a successful sale in case you're planning on selling your North Carolina home.

Potential scenarios for home prices

Experts argue on whether homes will be more or less affordable in 2023. Some believe that high mortgage rates and steady home prices will cancel each other out, and overall affordability will not change dramatically. Some of them agree that overall home affordability won't change much in 2023, while others think that as home prices will not fall proportionally with the increase in interest rates, homes may even seem less affordable.

The Bottom Line

As per the 2023 real estate forecast, it's clear that the real estate market will be marked by uncertainty and volatility. However, one thing is for sure, 2023 will be a challenging year for the real estate market, but it will also be an exciting time for those willing to navigate these specific circumstances.

 

So whether you're planning to sell or buy your North Carolina home, the key to success in this market will be to stay informed, be flexible, and be ready to take advantage of opportunities. Most importantly, you should reach out to experienced North Carolina Realtors® who'll guide you and ensure you successfully end your real estate adventure.

 

Dec. 30, 2022

Buying a Winston-Salem Home in the Winter

 

7 Reasons to Buy a Winston-Salem Home in the Winter

contemporary home in winston-salem, nc with snow covered ground

Looking for a perfect home in the Winston-Salem area can be a lengthy process

1.  You can spend less on your home 

As we have mentioned previously, the peak season in real estate starts in spring. This is where the competition gets higher, as well as the prices. More buyers are competing for homes, which allows sellers to set the price tag a bit higher than usual and expect generous offers, too.  Thankfully, the weather in the Winston-Salem, NC area is usually not too cold.  So, if you’re looking for a way to save, don’t let the cold weather stop you from buying a home in LewisvilleClemmons, Kernersville, or any other Triad area. Home prices tend to be at their lowest during

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Dec. 5, 2022

Winston-Salem Homebuyer’s Dream Team

Homebuyer's Dream Team - Steps to Buying a Winston-Salem Home

Winston-Salem Homebuyers Dream Team

Homebuyer's dream team

A journey from the spot you're standing in right now to your Winston-Salem dream home is not linear. It can be quite a bumpy road, and each step needs to be well thought out. As in every adventure, you'll need a travel buddy to help you on the way. The old saying goes, ''the more, the merrier,'' and we couldn't agree more - at least in this case. There are many steps to buying a home. To complete each

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Nov. 30, 2022

Will Winston-Salem Have a Flood of Foreclosures 2023?

Why There Won't Be a Flood of Foreclosures Coming to the Winston-Salem Housing Market

Winston-Salem, NC

With the rapid shift that’s happened in the Winston-Salem housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s.

One of the reasons this isn’t like the last time is the number of foreclosures in the Winston-Salem market is much lower now. Here’s a look at why there won’t be a wave of foreclosures

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Nov. 21, 2022

Why Retire in Winston-Salem?

Why Should You Retire in Winston-Salem?

Winston-Salem Night Skyline - Viewing Westerly

 

Deciding where you want to retire is a crucial decision you should consider carefully. When deciding where to retire, most people take advice from friends or family. However, doing some research on your own and choosing a city that looks good is also a great choice. One of these cities you might be interested in is Winston-Salem, NC, which is consistently recognized as one of the best cities to retire in the United States. A city which has become more and more popular with retirees recently. So, what exactly makes Winston-Salem such a great location to retire in? We've put together a list of reasons why you should retire in Winston-Salem, and we hope you find it helpful and

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Nov. 11, 2022

VA Loans - Infographic

VA LOANS - Infographic 

VA loans are an excellent benefit for our military helping them achieve homeownership. Check out the VA Loan Infographic below to learn more.  

veterans

Some Highlights

  • VA Loans can help make homeownership possible for those who have served our country.
  • These loans offer great benefits for eligible individuals and can help them buy a VA-approved house or condo, build a new home, or make improvements to their house.
  • VA Loans typically are $0-down, have better terms and rates, offer limited closing costs. 
  • Homeownership is the American Dream. One way we can honor and thank our veterans is to ensure they have the best information about the benefits of VA home loans.

Are You a Veteran/Active-Duty Ready to Use Your VA Loan Benefit in the Winston-Salem Area?

If you are a veteran or serving active duty, and you're ready to use your VA loan benefit to find a Winston-Salem area home, Green Haven Realty is here to help.  You can start your Winston-Salem home search here.  Call/text us at 336.462.9544 for our preferred VA Loan lenders with $0-down, favorable terms and reduced closing costs.

 

Nov. 11, 2022

VA Loans Help Veterans Buy a Home

VA Loans Help Winston-Salem Veterans Buy a Home

For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits.

Here are some things you should know about VA loans before you start the homebuying process in Winston-Salem and surrounding areas like Advance, Clemmons, Lewisville, Kernersville, King, Mocksville, Pfafftown, and Yadkinville, North Carolina.

VA Loans Help Veterans Buy a Home

What Are VA Loans?

VA home loans provide a pathway to homeownership for those who have served our nation. The U.S. Department of Veterans Affairs describes the program like this:

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Nov. 2, 2022

What Home Sellers Should Know About Choosing a Listing Agent

 

What Winston-Salem Home Sellers Need to Know About Choosing a Listing Agent

If you plan to sell your Winston-Salem home for top dollar, you'll want to hire a listing agent. A listing agent (or sometimes called seller’s agent) represents home sellers and helps them get their houses on the market. You may wonder what the difference between a listing agent and other real estate agents is – and how they can help you sell your home quickly and for top dollar. The truth is that there are many kinds of agents out there, each with different specialties and strengths. But in this article, we'll focus on what makes a great Winston-Salem listing agent and the criteria for choosing a listing agent for yourself!

Sellers signing listing agent agreement

A good listing agent has great listening skills to make sure he/she understands your needs and concerns

What does a Winston-Salem listing agent do?

A listing agent is a REALTOR responsible for selling your home. A listing agent will list your home for sale, market it to potential buyers, and negotiate the sales price, terms, and conditions with the buyer or buyer’s agent. Generally, once you choose a listing agent, you will normally sign an exclusive listing agreement.  When selling your Winston-Salem home, that would be an Exclusive Right to Sell listing agreement from the North Carolina Association 

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Sept. 21, 2022

Dividing Your Home in a Divorce: Do You Need an Appraisal?

Do You Need an Appraisal Going Through Divorce?

Do I need an appraisal in divorce?

It's never easy to face divorce, but it's even more difficult when you have children or are dealing with a large or inherited home. When dividing your home, both parties need to know all possible outcomes before anything is finalized. Take a look at everything you need to know about getting an appraisal for your home during a divorce.

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Posted in Appraisal
Sept. 14, 2022

How is the Winston-Salem Housing Market Currently?

Is the Winston-Salem Housing Market a Buyer's Market or Seller's Market?

  • Many buyers and sellers are curious about the status of the Winston-Salem housing market.  Are we still in a Sellers' Market? Or has it converted to a Buyers' Market?  Interest Rates have increased causing buyer demand to wane slightly.  So does that mean sellers are having to reduce their prices if they want to sell? There are many more price decreases than even three months ago, but that doesn't mean values are falling. The major issue is we still have a very low inventory of homes for sale.

    Buyers Market vs Sellers Market - Real Estate 

    Why the Winston-Salem Housing Market is Still a Sellers' Market

  • Check out the infographic below on why it's still a seller's market in Winston-Salem.

    Sellers Market in Winston-Salem remains in the Housing Market

    Some Highlights of the Winston-Salem Housing Market - September 2022

    • While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market in the Winston-Salem area because inventory is low.
    • There were 319 active listings at the date of this post with 339 sales over the last 30 day period. This shows less than one month's inventory in Winston-Salem. That was an increase of about 6% from 318 sales for the previous 30-day period.
    • It takes about 6 months of inventory to be considered a balanced market. Anything over 6 months is generally a buyers' market.
    • The average list price for sales over the last 30 days was $347,929 with an average sales price of $349,445, which is about 0.5% over the average list price. The 30 days prior the average sales price was $345,071 or a 1.3% increase.  
    • Over the last 30 days, the average "days on market" before selling was 15 days. The prior 30-day period was 13 days.
    • If you want to be aware of the Winston-Salem Housing Market showing active listings, pending sales and closed sales, you can sign up for our free monthly market report here:  Sign Up for the Winston-Salem Housing Market Report
    • The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price according to the National Association of Realtors.
    • You haven’t missed your opportunity to sell. Work with a real estate professional from Green Haven Realty to start the process today.  Don't hesitate to contact us if you have any questions.  We're here to help!