Economic Expectations for 2023

Interest rates and living costs have changed frequently over the past couple of years leaving some home buyers with more questions about the economy than answers. But during the International Builders' Show, Ideal Homes & Neighborhoods’ CEO, Vernon McKown, and President, Steve Shoemaker, listened to economists give an update on the housing industry for 2023 predict what is to come in the year ahead.

It appears the housing industry may have already bottomed out in the last quarter of 2022 with rising interest rates. Economists were very optimistic about 2023. With homes now receiving multiple offers again, the housing industry is strong. Some of this is due to the low amount of inventory for used homes, which is especially true for the Oklahoma markets.

In 2023, we’ve already seen interest rates stabilize, if not lower. Home prices are also now likely the lowest we’ll see for 2023. In addition to better rates and home prices, buyers are also still able to receive lower interest rates at closing due to promotions from Ideal Homes & Neighborhoods. Oklahoma has seen low unemployment rates, a strong economy, and increased property values during the past couple years. Economists say the market should continue to get better through 2024. 

So, is it a good time to buy? The most important thing to consider is what is best for you and your family. The housing market is ever-changing and it’s almost impossible to buy based on timing the market. The best time to buy is when you need a new home.