Real estate is always a hot topic of conversation. We’ve talked to fellow experts, including other Realtors, lenders, and economists, to get the best sense of what the 2023 Portsmouth, NH real estate market will look like. We also looked into our real estate crystal ball to ensure we covered all the bases.
We all agree that the rise in home prices will be lower than it was this past year and the frenzied markets of 2021. At this early stage in the year, we can expect home price appreciation to be in the 1-4% range in 2023 for the reasons stated below.
All our experts agree there will not be a repeat of the 2008 crash for the simple reason that lending standards and guidelines have tightened up significantly since then. In 2007 if you had a pulse, you could probably get a mortgage whether you were qualified or not. That won’t be happening again.
First-time buyers will continue to enter the market and buy their first home, driven by both the desire to own and ever-increasing rents. If you can qualify for a mortgage and buy a home for the same price or less than you’re paying in rent, it makes more sense to buy.
Look for some legislation in 2023 to make buying more attractive no matter which party controls Congress. They will likely be in the form of tax credits for buyers.
Real estate investors and new seasoned pros alike will continue to see opportunities. Most in our area are buying single-family homes and small multi-units to rent and hold for appreciation.
Sellers will continue to enjoy a seller’s market in Portsmouth, NH, driven by a lack of inventory. The market will return to some sense of normalcy in 2023, and well-priced homes in good condition will sell quickly for good prices.
More questions about Portsmouth and the Seacoast real estate market? Contact us. We’re always happy to talk with you.
Jim Lee and Ann Cummings, REALTORS, Certified Residential Specialists (CRS)