9 FEB 2023 · Cliff Freeman, the renowned licensed real estate agent and owner with The Cliff Freeman Team, recently joined the WHAS in Louisville, KY to discuss the housing market for 2023. During the interview, Cliff shared his insights on the current state of the real estate market and discussed some of the headwinds that the industry is facing.
In particular, Cliff noted that Federal Reserve’s efforts to curb inflation have resulted in a double whammy for first time home buyers, as the cost of borrowing has increased significantly since the start of the year. Moreover, Cliff predicted that this could result in a correction throughout the remainder of 2023, with home builders predicting a 10-20% decline in new home prices.
However, Cliff emphasized that this correction might not be all bad news. With a rise in inventory and prices regressing back to the mean, it might be beneficial for potential buyers to wait and see how the market unfolds during the first quarter of 2023.
Ultimately, Cliff acknowledged that while there will be headwinds this year, he remains optimistic that things will stabilize eventually. He believes that as long as demand continues to drive the economy, prices will continue to remain higher and stabilize.
Be sure to tune in to WHAS to hear more from Cliff Freeman and get his insights on the housing market for 2023!