How will the housing market fare in 2023?

We all know that the current housing market is quite a tricky one and that finding a (new) home can be quite challenging.

There are few (affordable) new homes available, and older people are moving on to smaller homes on a very limited basis. This is because the prices of existing homes have skyrocketed in recent years, and for the elderly, selling and buying back is far from lucrative.

So is there anything positive to report? Yes indeed!

Ban on home buyouts by real estate investors

A nice development for starters is, that for some time now, municipalities have been allowed to introduce a ban on buying up houses for rent.

In recent years, for example, first-time buyers in the housing market often fished behind the net because they could not compete with real estate investors who can usually offer considerably more. So a buyout ban could provide more opportunities for startups. A number of municipalities, including some large cities, have introduced such a ban which is therefore a positive development!

Prices finally falling again in housing market

After years of bizarre price hikes, mega overbidding, very frequent misselling and a lot of frustration, calm has finally returned to the housing market.

The average selling price in the first quarter was 8.2 percent lower than a year ago, figures from the Dutch Association for Estate Agents (NVM) show. This is beneficial for anyone entering or wanting to enter the housing market.

Housing market in Amsterdam

In Amsterdam, house prices are currently even at the level of early 2021. Due to declining sales in the housing market, a 25% fewer owners changed homes in Amsterdam last quarter, compared to the last months of last year.

Finally, the supply of houses for sale decreased slightly, but on the other hand, the choice for buyers is still much wider than a year ago.

Decline in mortgage rates expected

Unfortunately, with falling home prices come rising mortgage rates. As a result, you’ll pay a lot less for your home than you did about a year ago, but unfortunately your monthly charges, which you’ll have to pay over the next few years, will go up.

Now that is linked like fries with mayonnaise and herring with onions.

Average mortgage rates have stabilized in the first five months of 2023 and are actually expected to start falling again by the end of this year. At the same time, the mortgage rates of different fixed-interest periods are tremendously close to each other.

The differences between 10- and 30-year interest rates are very small right now. This means that it may be more beneficial for homebuyers to opt for slightly higher interest rates over the long term so that they can be assured of stable monthly payments for longer.

Sounds like a great time to start looking and buying!

Nobel Mortgages as your personal advisor

At
Nobel Mortgages
we are happy to help you with quality financial advice and think with you on all issues. We always go the extra mile for our clients, truly analyzing all options and always thinking outside the box when necessary.

In this way, you are sure to achieve what others cannot. That is, we do everything we can to help you get the best mortgage that suits you and, of course, fits your circumstances and desires perfectly.

Do you also want an advisor who looks outside the box and really analyzes all the possibilities for you?

Then contact our experienced and enthusiastic team soon. We are available to you 24 hours a day with the utmost commitment and sincere attention. An e-mail is a snap to info@nobelhypotheken.nl or call or app to 06-54770122.