2022 Market Wrap-Up! Now, What Awaits In 2023?

As we settle into the new year, it’s important to reflect on the previous year and understand what lies ahead. So, what exactly lies ahead for the real estate market in 2023? Though there are many speculations and misconceptions floating around, we are still very much in a seller’s market, and demand continues to remain high. While we continue to see high prices on homes, it’s important to note that the housing market has begun to stabilize over the past 6 to 8 months. 

This article will highlight what took place in 2022, glean some insight into 2023 within the housing market, and how a home appraisal can help you. 

What Awaits In 2023?

Experts predict home prices will likely continue to rise but at a much slower pace. Interest rates should become more stabilized in 2023. According to Bankrate, the predicted rate for the upcoming year lies within the 6% – 7% range. Some experts claim it could drop down to 5%, while others indicate sky-high rates by the end of 2023. 

No matter what the market does, here at DVS Appraisals, we provide expert appraisals, valuations, and consulting services to our local community of Placer County and the Greater Sacramento Area. You can surely count on us to point you in the right direction!

Benefits of high home prices

This is an excellent time to get a home appraisal and say goodbye to your PMI. Getting a home appraisal can help to show proof of value and save money by requesting your]PMI be removed early.

If your home value has increased significantly in value since the time your purchased, an appraisal can also help you remove your PMI. Which in turn saves you a substantial amount on your monthly payments. 

 Woman going over their real estate appraisal with an agent.

Avoid This Mistake In 2023

Home-buying mistakes are normal and more common than you may think! Although some mistakes aren’t detrimental to your new investment, others can be devastating and lead to financial setbacks later in life. A large number of people skipped the appraisal process before purchasing or selling their homes in the hot 2022 market while abusing annual numbers. This led to issues later on and can be harmful as home appraisals determine the fair market value of a home before the lender approves the mortgage.  It’s important to note that underestimated appraisals are known to cause the most harm to buyers in a rising market. Hence, making sure you don’t skip out on this step is crucial in 2023.

How a home appraisal can help in the 2023 housing market

Start your real estate journey the right way this year. Here at DVS Appraisals, we enjoy helping you feel confident in your real estate decisions every step of the way. Since an accurate appraisal empowers you to make more informed decisions, it’s important to choose wisely. Our team has made providing you with an objective property analysis our top priority. We’re taking the headache and stress out of appraisals by providing easy and convenient access to dependable real estate valuation! We offer a wide range of services, from estate planning, mortgage lending, and tax assessments, to bond appraisals, PMI removal, and divorce and settlement disputes. Get in touch and schedule your appraisal today!