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Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

Realtors across the country foresee an increasingly buyer-friendly housing market in 2023, a major shift from the frenetic and expensive pandemic-era housing boom.

Driving the news: The housing market has slowed — thanks to mortgage rates hovering around 6%.

Axios polled more than 75 experts across Axios Local cities to find out what’s in store for 2023 and found that sellers everywhere will have to put in more work to close the deal as buyers aren’t willing to overbid on less-than-perfect homes.

“Buyers have and should continue to have a choice of properties to purchase along with some wiggle room, which could include sellers paying buyers closing costs, decreasing prices and property repairs,” Sheryl Bowden, vice president of Phoenix Realtors, said.

InCharlotte, the market is moving with interest rates, said Jeff Clay, owner of JClay Realty.

And unless those rates come down drastically, “we are likely in for a market with low overall activity, low supply and demand that will probably stay a bit muted,” Clay said.

in San Francisco, Eileen Bermingham with Corcoran Icon Properties predicts “fewer instances of overbidding and multiple offers.

“Buyers will split into two camps: those waiting for prices to fall, or

HORACE — Area home buyers, Realtors and builders will look to make a case for government officials in hopes of reestablishing Horace’s tax abatement program, which was not renewed after it expired on Jan. 1.

Horace’s tax abatement program, which is similar to that authorized by the North Dakota Century Code, gives buyers of new homes a two-year break on property taxes for certain new single-family residential properties and condominiums and townhouses. According to state law, the maximum exemption allowed is $150,000 of true and full valuation of improvements only and land is still taxable.

Horace Mayor Kory Peterson said the City Council every two years decides whether to continue the program or not. This summer, the council did not have a particular appetite for continuing the program, he said.

“I still think it’s a good idea, but we just didn’t have a council that wanted to keep it active at that time,” Peterson said. “It didn’t get brought up again and so it expired.”

The absence of the program, however, took some new buyers by surprise, said Kevin Fisher, a Realtor and former president of the Fargo Moorhead Area Association of Realtors.

Fisher at the last Horace City Council

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Realtors predict the end of a frenetic market in 2023

Horace’s discontinued tax abatement program leaves area Realtors puzzled – InForum