Bobin D’silva aka ‘Bob’ is a Freelance SEO Specialist and Link Builder. He loves to write blogs in his free time. His blog mainly covers topics related to SEO, Digital Marketing, technology, software, and health & lifestyle.
Bob interviewed real estate experts and owners on the effect of the recession and Covid19 on the real estate industry in 2023. Their answers might surprise you. You can see the full article here; https://streak-link.com/BYvEHqSfH1n61IJ53As-LdZw/https%3A%2F%2Fmedium.com%2F%40realtorstalkies%2Freal-estate-market-growth-in-2023-and-onward-overviews-from-entrepreneurs-and-industry-experts-f3d0551d99a1
To save you reading the whole artice, this is what Emanuel Stafilids, CEO of Capable Home Buyers had to say;
Emanuel Stafilidis, CEO of Capable Home Buyers
At the time of writing, early December 2022, the residential real estate market in Chesapeake Virginia and the surrounding cities including Norfolk, Portsmouth, Virginia Beach, Hampton and Newport News would still be considered a sellers market. The number of offers on properties has greatly reduced from 6 months ago and the time on market has increased to what I would consider to be pre-Covid numbers.
The interest rate increases have certainly slowed the market down but not stopped the market. We are seeing sellers decrease the listing price of houses and therefore it could be perceived that the prices are dropping but this is not the case. The price decreases are a result of sellers asking more than the market value, hoping they can snag a buyer that will over pay.
The fully rehabbed houses we have listed recently have been listed at market value and have not needed to decrease in price and have sold for list price. The difference in Q4 compared to Q2, 2022 is the days on market. 21 now compared to 2 or 3 6 months ago.
I am of the opinion that this trend will continue for the first 1/2 of 2023 and then prices will start decreasing and the market will change to a buyers market. The recession is likely to proceed through 2024. The bottom of the housing market is likely to be seen Q1 2024 where the price drop will be viewed at approx 10-15% from the highs in Q2 2022.
Capable Home Buyers are preparing for the price decreases as our projects are typically 6 months long therefore we are buying now to sell mid 2023 right when prices start to decrease. The price decrease is factored into our buying strategy.
