Should you buy a home in 2023?

Buying a home may not make sense in 2023 since mortgage rates are so high. Property values are also up in many parts of the country, so high home prices may price out many buyers. There's a chance the country could fall into a recession. Don't buy a home before reading this. Should you buy a home this year? That's a complicated question to answer.

Will there be fewer home sales in 2023 vs 2022?

Redfin deputy chief economist Taylor Marr expects about 16% fewer existing home sales in 2023 vs 2022. Marr believes potential buyers are still grappling with affordability, high mortgage rates, high home prices, inflation, and a potential recession. “People will only move if they need to,” Marr says.

Should buyers negotiate with Sellers in 2023?

In 2023, Trapasso said buyers will have more of an opportunity to negotiate with sellers. “Buyers don’t need to waive inspections or appraisal contingencies, and can ask for costly repairs to reduce the home price, or even buy down their mortgage rate for the first few years of their loan,” she said.