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Buying a house in 2023: real estate market forecast for the upcoming year

Buying a house in 2023 real estate market forecast for the upcoming year - Buying a house in 2023: real estate market forecast for the upcoming year

2022 has been a year of lots of activity in the real estate market. Buying and selling, especially in the first semester, reached figures not seen since before the 2008 recession. However, the economic circumstances, the international situation, and the increased costs of mortgages have slowed this trend down in recent months.

The scenario is now uncertain. And it’s logical to ask yourself if buying a house in 2023 is a good idea. In general, yes, it could be. Forecasts point to prices having reached their peak or that they will vary a bit, whereas the housing supply is increasing slightly.

Waiting or buying a house in 2023?

Buying a house is a decision you must always make with a cool head. This is especially true in periods of change or when there is uncertainty. What’s more, at present, a series of exceptional factors have all come into play:

  • High levels of inflation which reduce buyers’ savings and debt capacity. It also increases the price of raw materials in the case of new construction.
  • An increase in interest rates precisely in an attempt to contain inflation. On top of this, the Euribor has reached levels not seen for years. Both factors increase the cost of mortgages and hinder access to financing.
  • An increase in the number of homes coming onto the real estate market. This is in addition to new construction which, despite everything, has not stopped.

The result is a chilling of the market and a situation which, far from being a disadvantage, may be slightly beneficial for those thinking of buying a home in 2023. The reason is simple: if the supply increases, even minimally, and the demand decreases as a result of these difficulties in financing, competition decreases.

Therefore, overvalued homes may see reductions in prices in order to sell more quickly on the market. Prices in general may also decrease, although sharp declines are not expected. And in turn, buyers may have a bit more room for maneuver when negotiating with owners.

In addition to all of this is the expected containment of inflation, declining unemployment figures, and public financial support to promote access to housing. Therefore, buying a house in 2023 could be a good decision, always taking into account personal financial circumstances and capacity for taking on debt.

A market with uneven behavior

Despite all, when deciding whether or not to buy a house in 2023, it’s important to take into account an additional factor: the market will not behave uniformly. What does this mean? That investment may play a decisive role. Don't forget that housing has always been considered a safe asset.

In this regard, big cities will benefit most, as the market may change less there. This is exactly the opposite of what could occur in peripheral areas or small cities.

If you are considering the possibility of buying a house in 2023, Spainhouses offers you an ample real estate offer in Spain, both if you are interested in buying your main home or buying a second home or investment property. Find that property you are looking for today.

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