This post originally appeared on The Basis Point: 3 home buyer & seller tips in a 2023 market that’s declining but not crashing

My friend Jeff Taylor, CEO of Mphasis Digital Risk and a Mortgage Bankers Association board member, just shared a few key housing market predictions with Business Insider (BI). Below I recap those predictions, and what they mean for home buyers and sellers in 2023.

Let’s start with market predictions.

With the Fed still hiking rates in 2023 to fight inflation, Jeff tells BI:

– The Fed may hike 2 more times at their upcoming 2023 rate policy meetings (the next 3 of which are March 22, May 3, and June 14).

– National home prices may drop 4-6%, and some especially hot pandemic-era markets might see 7-9% decreases.

– Total funded mortgage volume for 2023 may end up at $1.5 trillion to $11.6 trillion.

Now, let’s look at how home buyers and sellers can navigate the market this year.

– If the U.S. mortgage market did fund $1.5 trillion in 2023, that would be a 33% decline from 2022 funded mortgage volume of $2.25 trillion.

To continue reading the rest of the article, please click on the source link below:

https://finance.yahoo.com/news/3-home-buyer-seller-tips-153609375.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHs_YsTErXSzkCSHFXlxI8st1XUrAj7YC0sAujvTVMbRUt0Yig9_2vM8ScgTKn8G6afHzmgBV9fweXqT6VFLpK_o75lblRLEPTHdcBaPzpTx15BSFVR1mkmueViKCgl1z0fNs9JFia2jhr5j0x_I7CW4Zu2-mYTzeWmd50W4WyKj