This was a wild year, but I think we’ll see things level off in 2023.
This has been a whirlwind of a year for real estate. We saw an increase in home prices in the first several months of this year that was just unprecedented and unsustainable as interest rates were still extremely low and the market was on an extreme rebound from the pandemic, but then it suddenly hit the brakes.
I haven’t experienced anything where the market just hit the brakes so hard. It was crazy! Now, interest rates have risen so fast in a short period of time that it really just made everybody’s head spin and made things crazy.
We did a full-on remodel in our house this year too. I GC’d it myself. I do not recommend doing that if you don’t have the stomach for it because it is a lot to take on. There will be a video coming that will highlight some of the things that we did later as we get into the spring.
“I haven’t experienced anything like that where the market just hit the brakes so hard.“
We had some family losses this year, but we had some wins and took some great vacations. I spent a lot of time with my kids, and I enjoyed getting to pit-pack for the Cedar Park High School marching band. That was an awesome experience this year. I had no idea what I was getting into, and I just loved it. Volunteering and working with those kids was a lot of fun.
I hope that you’re excited because 2023 is coming, and I think the real estate market will see some things level out. We may see a recession next year, but historically, even in recessions, there is price appreciation in real estate, and real estate has a tendency to do pretty well coming out of a recession. I predict interest rates will subside and float around 5% as we get into the mid-spring and summer. It may be a little bit of a slower start than we’re used to, but I expect the market to gain traction, and 2023 will wind up fantastic for real estate.
Get out there this weekend, have some fun and say sayonara to 2022 and hello to 2023. I look forward to talking with you in 2023. If you have any questions or any real estate plans that I can help with, don’t hesitate to reach out to me.