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Listen "Real estate market review and forecast for 2023 (solo-show with Aaron Jistel) - Real Estate Real Fast EP11"
Episode Synopsis
Episode Overview
In this episode of Real Estate Real Fast, Aaron Jistel discussed the market trends of 2022 and 2023. Sales were down 25% in Austin, Texas compared to 2021, and values are likely to continue decreasing in 2023.
Price drops are becoming more normal, and we can expect home values to decrease by 10-15% on average across major markets.
AirBnB prices will likely drop and vacancies will increase. Builders will continue to target first-time home buyers with incentives.
Home sellers should focus on their local market and pull out all the stops when listing a house.
Listen to the full episode to learn more about factors impacting the real estate market in 2022, forecasting trends for 2023 real estate market, strategies for investing in the current real estate market, and more.
Episode Highlights
2022 Market Trends: Decrease in sales, values, and new listings in Austin, TX; median home value up 9.9% in Dallas year over year; closed sales down 30.4% in Houston year over year; closed sales down 33%, price up 4% in San Antonio year over year.
Price Drops: Prices have been falling in the market, with close to 50% of homes undergoing price drops.
Foreclosures: Foreclosures are likely to increase if unemployment continues to increase.
New Construction: Slowing down due to an increase in inventory and a declining market; builders targeting first-time home buyers.
AirBnB: Prices will likely drop and vacancies will increase; Dallas City Plan Commission may define short-term rentals as lodging, making them illegal in residential neighborhoods.
iBuyers: Collapse of iBuyers presents an opportunity for local investors.
Fed Rates: Likely to stay consistent for foreseeable future until inflation is under control; mortgage rates may fall in Q2 of 2023 if home values have dropped by 10-15%.
Listing Agents: Be careful when selecting listing agents who only charge 1% commission.
Episode Links
Follow ListingSpark on LinkedIn, Twitter, Instagram, Facebook, TikTok and YouTube
Connect with Aaron Jistel on LinkedIn
In this episode of Real Estate Real Fast, Aaron Jistel discussed the market trends of 2022 and 2023. Sales were down 25% in Austin, Texas compared to 2021, and values are likely to continue decreasing in 2023.
Price drops are becoming more normal, and we can expect home values to decrease by 10-15% on average across major markets.
AirBnB prices will likely drop and vacancies will increase. Builders will continue to target first-time home buyers with incentives.
Home sellers should focus on their local market and pull out all the stops when listing a house.
Listen to the full episode to learn more about factors impacting the real estate market in 2022, forecasting trends for 2023 real estate market, strategies for investing in the current real estate market, and more.
Episode Highlights
2022 Market Trends: Decrease in sales, values, and new listings in Austin, TX; median home value up 9.9% in Dallas year over year; closed sales down 30.4% in Houston year over year; closed sales down 33%, price up 4% in San Antonio year over year.
Price Drops: Prices have been falling in the market, with close to 50% of homes undergoing price drops.
Foreclosures: Foreclosures are likely to increase if unemployment continues to increase.
New Construction: Slowing down due to an increase in inventory and a declining market; builders targeting first-time home buyers.
AirBnB: Prices will likely drop and vacancies will increase; Dallas City Plan Commission may define short-term rentals as lodging, making them illegal in residential neighborhoods.
iBuyers: Collapse of iBuyers presents an opportunity for local investors.
Fed Rates: Likely to stay consistent for foreseeable future until inflation is under control; mortgage rates may fall in Q2 of 2023 if home values have dropped by 10-15%.
Listing Agents: Be careful when selecting listing agents who only charge 1% commission.
Episode Links
Follow ListingSpark on LinkedIn, Twitter, Instagram, Facebook, TikTok and YouTube
Connect with Aaron Jistel on LinkedIn
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