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A Buyer’s Market in 2023: The Neighborhood Minute February 2023
The Neighborhood Minute: Shifting to a Buyer’s Market
Know the Impact on the Home Buying Market as the Fed Makes Changes
A new year doesn’t mean we’ll be leaving the Federal Reserve’s interest rate hikes in the rearview mirror. But they are slowing down, much like the housing market forecast for 2023. Read on to find out how the Fed’s latest announcement will affect mortgage rates, how to plan for the shift into a buyer’s market, and more.
February’s Mortgage Trend Report
Mortgage Interest Rate Forecast
- The Federal Reserve announced its latest interest rate hike on Wednesday, February 1 of 0.25%.
- The current benchmark interest rate is 4.5%-4.75%.
- This is the eighth consecutive interest rate hike by the Fed and the first of 2023 in its continued efforts to get inflation under control.
- Analysts predict the latest increase will have minor effects on mortgage interest rates.
Noteworthy Home Buying Market News
- The average interest rates for 15-year and 30-year fixed mortgages have eased since the highs of the 4th quarter of 2022..
- Prepare for a buyer’s market to return in 2023 with more homes for sale that stay on the market for longer periods of time.
- Say goodbye to dramatic bidding wars and extreme competition as home inspections and finance contingencies make a comeback.
- For sellers, experts predict an increase in home sales in the second half of the year.
2¢ Worth of WisdomQ: I’m selling my home this year—what do I need to know? A: “First, adjust your expectations because the pandemic-era selling trends are behind us. Price your home so it’s appropriate for today’s market, not last year’s market. Plan for the traditional contingencies like appraisals, inspections and financing. Finally, buyers may be more likely to request repairs during the contract period, which is a result of stretched homebuying budgets.” – Ed Hensley Executive Vice President & Manager, Residential Lending |
Tools, Tips and Advice
To Buy or Not to Buy?
Explore different topics of the home buying process before making your biggest purchase.
Home Equity Line of Credit
Explore how to use home equity to cover home improvements, pay for tuition or consolidate debt.
WesBanco Fixed-Rate Mortgages
Find flexibility, peace of mind and competitive interest rates. See if our fixed-rate options are right for you.
*All information cited can be found on housingwire.com.
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