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Z Makes its 2023 Predictions

Posted by Ri Prasad on Wednesday, December 7, 2022 at 6:45 AM By Ri Prasad / December 7, 2022 Comment

Zillow released its list of bold market predictions for 2023. Here they are:
  • The Midwest region will attract a surge of first-time buyers since mortgage costs and rent prices are still low in those areas
  • More people will buy homes with friends and family to further offset affordability concerns
  • New construction will focus more on rental units, which indicates a strong vote of builder confidence
  • Expect a surge in first-time landlords as rental prices outpace home prices, especially in regions where housing demand is higher
  • The affordability crisis will stabilize and might improve slightly, but there won't be a complete reset in home prices and interest rates to pre-pandemic levels

Our take

Chicago is STILL a very strong housing market and will continue to be so through 2023. If you are looking to buy or sell, let's connect today. Fill out the form below to book a quick 15 minute call.

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Tags: Finance, First Time Home Buyers, FSBO, Home Buyers, Homeowners, Investor, Luxury Real Estate, Multi-Units

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