A boring, predictable year could just be what the industry needs out of 2023. And although we’re not brave enough to suggest exactly what will happen this year, it seems likely, barring any unforeseen world events getting in the way.
We were honored this month to speak directly with one of the most widely recognized names in the real estate industry today — Lawrence Yun, chief economist for the National Association of REALTORS®. And spoiler alert: He believes mortgage rates will continue to decline from their 7-plus percent highs of late 2022. Don’t expect to see rates anywhere near what they were during the pandemic, but Yun said a settling mortgage rate will bring buyers back to the market, particularly those first-time homebuyers who were edged out during the pandemic.
Our coverage of the state of the market doesn’t stop there. We also hear from Robert Dietz, chief economist for the National Association of Home Builders, who gives a blueprint for solving the nation’s housing shortage, and discusses other home construction industry issues.
Speaking of new-home construction, our Real Issues feature this month focuses on advances in home construction that aim to protect homes from the increasingly harsh weather conditions brought on by global warming. Learn how new innovations are bringing greater security to homeowners who live in areas plagued by extreme heat, hurricanes and flooding.
We also kick off the year with a column from Kenny Parcell, 2023 president of the National Association of REALTORS®, who discusses what’s in store for the association over the next 12 months.
This is a particularly special issue for us, because it marks our 20th year in the magazine business. Since Chicago Agent was launched two decades ago, we have grown to include publications in Atlanta, Boston, Dallas, Denver, Houston, Phoenix, Seattle and South Florida. And we couldn’t have done it without all the support from our readers, advertisers and the industry leaders who have joined us in this journey — so we want to give you all our thanks.
We always look forward to hearing your thoughts on the state of the market and anything else that’s on your mind. What are we missing in our early 2023 snapshot? Write us and let us know at tim.inklebarger@agentpublishing.com.