Manuel Molinos Forecasts Increased Demand For Urban Housing and Millennial Homebuyers in 2023

Manuel Molinos Forecasts Increased Demand For Urban Housing and Millennial Homebuyers in 2023

After experiencing a volatile housing market over the past three years, many are wondering what to expect in 2023. Manuel Molinos, a real estate agent based in Florida, believes that the housing market will largely be influenced by broader economic factors such as inflation and the possibility of a recession. Despite this uncertainty, there are a few trends that can be anticipated.

Mortgage rates are expected to stabilize, potentially enticing more buyers to enter the market while encouraging homeowners to sell. However, sellers may need to adjust their pricing strategies as buyers gain more bargaining power.

Home prices are predicted to continue to weaken, potentially dropping further or remaining at current levels. On the other hand, inventory is expected to increase, as more homes become available for sale.

One positive outcome of this market stabilization is that regular, hardworking buyers and first-time homebuyers may find it easier to enter the market. However, buyers are also predicted to become more selective as they have more options to choose from.

In addition, low mortgage interest rates are expected to continue, and the construction of single-family homes is projected to increase by 5%, according to the National Association of Home Builders.

Overall, Manuel Molinos believes that the market will gradually stabilize, leading to a healthy real estate market that resembles the pre-Covid era, with stabilized property values.

The market will continue to grow and expand, and the demand for housing in urban areas will increase. Millennials will continue to take over the market. We will also see more affordable housing options this year,” Manuel concludes.

Learn more about Manuel Molinos’ takes on the housing market and the real estate industry here.