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.

 

 

Interest Rates

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.

 

Home Prices:

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…

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The November 2022 Real Estate Report from the Great Plains Regional MLS is out and here’s what it says:

“Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.”

“With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last…

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For the first time in at least ten years, Papillion La Vista Community Schools is preparing to admit option-enrollment high school students from outside the district.

Under the state's option enrollment program, students would be able to apply to attend during the 2023–24 academic year.

 

Papillion La Vista does accept transfers for different grades but it hasn't accepted high school transfers in years.

 

The district doesn't have an exact number of spots available just yet.

If you don't want to risk it, consider buying a home in Papillion. 

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