2022 was a crazy year for real estate.
It started off crazy and then interest rates caused a huge shift.
Here are some of my predictions for 2023.
At the beginning of 2022, a 30-year fixed mortgage was around 3.11%.
Today, interest rates on a 30-year fixed mortgage are around 6.25%.
What a difference a year can make. I don’t know anyone that predicted interest rates to double.
My prediction is interest rates will go down but not by much. I think rates for 2023 will be between 5.5% - 6.5%. We will not touch 3% or 4%. Get used to the new normal.
Omaha has seen homes appreciate 10% or more in the past several years.
That will come to an end. Some areas of the country will see home…