The Real Estate Outlook on 2022-2023

The past 18-24 months have been a whirlwind of changes in the economy and real estate markets. Initially, an expected bust due to the Covid-19 pandemic was counteracted by a booming economy through federal stimulation of the economy with the government circulating a great deal of capital.

Recently, a rate hike has stirred the media up and created a scare in the housing market. While the media is definitely to blame for this, we expect a downtrend in sales and a shift to a buyer's market (which we are already seeing). Between the media scaring the country and the interest rates reducing affordability for a large number of buyers, this is definitely going to have an ongoing impact on the market.

However, at WestCar Properties, we are still buying properties for cash, as we don't believe a market bust is going to happen. In 2008-2011, the largest year over year decline in prices was 10-11%. Keep in mind, this was due to unregulated lending practices and writing loans to extremely under qualified buyers. This is not happening in today's world. We expect to see prices stay fairly the same over the coming 12-24 months (given no crazy rate changes), but with a buyer's leverage on the negotiations and deal making.

Contact us!

Chase Melton: chase@westcarproperties.com

Maggi Martin: maggi@westcarproperties.com