Certified Mail Labels | Unpacking the 2023 Housing MarketA new year is all about relishing new opportunities. The beginning of the year signifies the start of a fresh chapter. January is chapter one and is known for goal setting, resolutions, and yearly planning. This year is no different. Especially for hopeful homebuyers.

Is 2023 a good year to buy a house? Will rates go down in 2023? Will house prices go down in 2023? These are just a few of the questions circulating among economists, lenders, bankers, real estate professionals, and most importantly- those hopeful homebuyers!

Over the last few years, the housing market has been an extreme rollercoaster. A rollercoaster that prospective homebuyers, especially first-time homebuyers, would like nothing more than to level out. Interest rates are high and housing inventory is still low. Therefore, affordability is an ongoing challenge.

In recent years, to combat low inventory, the southern region of the United States has been building substantially more new construction, single-family homes than the rest of the country. According to National Association of Home Builders (NAHB) reports, December 2021 brought the highest number of new building permits in five years when calculated collectively. Since then, each month has reported fewer permits. November 2022 saw the lowest number of permits since 2018. The reason? Rate hikes.

Sky-high interest rates aren't the only deterrent for new construction building though. Labor, materials, and even lot shortages have caused construction prices to increase by 14%, reports NAHB. All of which will take time to level out. Leading NAHB to forecast a slow year of new home sales for builders.

Last year, mortgage rates for a 30-year fixed-rate mortgage climbed from 3.22% to over 7%. A stark jump that more than doubles a mortgage payment. Thus, magnifying the challenge of affordability. By the end of 2022, nearly 80% of households could no longer afford the median sales price of a home as reported by NAHB.

Unfortunately, the housing forecast is greatly influenced by a looming recession, a 40-year high inflation rate, and high mortgage rates.

Regardless, economists are optimistic for 2023. The National Association of REALTORS® (NAR) even suggests we may see a bit of normalcy return to the housing market this year.

So, to answer the swirling questions about the 2023 housing market- it really depends on each individual homebuyer and their unique situation. After all, purchasing a home is likely the largest financial decision one will ever make.

What we do know is this...Globally, rates are declining for the first time in a decade. Existing home prices are predicted to only rise less than half a percentage point and new homes are predicted to rise just over 1%. As for home prices, mortgage rates will likely determine if prices will decline this year.

Another point worth noting, experts are predicting that foreclosures have hit their peak. There was a surge of filings after the COVID-19 restrictions were lifted in 2022 showing a year-over-year increase of nearly 60%. However, filings saw a decrease in the last couple of months of the year. The difference between today's housing market and the Great Recession (2008 housing market) is homeowners today have a lot of equity in their homes.

Tip for Business in Today's Market

Despite a market cool-down, time is still of the essence during a real estate transaction. Our biggest tip for those buying, selling, lending, or assisting in the process this year, is to avoid hindrances by using Certified Mail Labels.

Sending correspondence via Certified Mail® is common for lenders, bankers, REALTORS®, and homeowners. Sending offers, negotiating contracts, letters of intent, financial records, earnest money, and even closing statements should all be sent, when mailed, via Certified Mail. As it is a highly beneficial tool for record-keeping, document archiving, and proof of mailing and delivery.

Certified Mail offered senders proof of mailing, proof of delivery, and tracking for each letter mailed.

For banks and lenders processing foreclosures, Certified Mail is not only good practice for well-documenting communications; but, in many states is required by law. Learn more about how Certified Mail eases foreclosure processing, here. Certified Mail is also good practice and a helpful solution for professionals in property management.

Professionals no longer have time to waste in line at the Post Office. Certified Mail Labels automated system allows users to create USPS Certified Mail labels, Priority Mail labels, and Express Mail labels online with USPS Postage from the comfort of their home or office.

Why spend more money and waste time at the Post Office when you can save nearly $3 per mailing with Certified Mail Labels?

About Certified Mail Labels

Get email notifications with Electronic Delivery Confirmations, Return Receipt Signatures, tracking, and a 10-year compliance archive at no extra cost when you send with Certified Mail Labels.

Using bank-grade encryption, Certified Mail Labels provides safe and secure online storage for organized record keeping.

You’ll have proof of mailing and letter tracking. Plus, delivery confirmation for each of your compliance letters is available 24/7 – 365 days a year.

  • No more stickers
  • No forms
  • No lines at the Post Office
  • No monthly fees
  • No special equipment

Pay as you mail and skip the trip to the Post Office entirely.

For reoccurring mailings, allow us to consolidate your process with our automated API and SFTP processing services. Our services can receive data directly from a user’s computer or software application 24/7, 365 days a year at no additional cost. Contact our customer support team to learn more about our full-service solutions today.

Click here for a step-by-step guide to how Certified Mail Labels works.

It’s time to skip the trip to the Post Office with Certified Mail Labels. Create your account now.
Certified Mail Labels | Get Started for Free Today