TROY — According to Owner/Brokers David Galbreath and Wayne Snyder and real estate publications, the 2022 market can be summarized as volatile at best while 2023 is forecasted as a slow return to normalcy.

Galbreath and Snyder’s report continues:

The 2022 market of higher than average home prices and limited inventory is expected to level out. It is projected that 2023 will see interest rates steady, as well as a stabilization of home prices.

Interest rates are expected to steady while home sales and prices moderate after current highs. Lenders will get creative with mortgages, buydown mortgages and first-time buyer bonuses are on the horizon.

Sellers will be motivated differently than in recent years. Homeowners will most likely be selling due to downsizing, or people moving for more space or better schools. Buyers will most likely be more selective, instead of taking what’s available, buyers can be expected to look for the “right” house after two years of rapidly changing affordability conditions.