Changes are happening in the housing market as we enter 2023. Interest rates are going up, and fewer homes are being sold. This means both buyers and sellers will face new challenges in the coming months.
In December 2022, the average price of homes in the U.S. went up by 1.4% compared to the previous year. But at the same time, the interest rates for mortgages increased significantly to 6.4%. As a result, fewer homes were sold, with a 36.1% drop in sales compared to the previous year.
While fewer people are moving, there is still movement happening. People are leaving states like Illinois, California, New Jersey, Pennsylvania, and Michigan and moving to states like South Carolina, North Carolina, Tennessee, Arizona, and Florida. Some popular cities for relocation include Raleigh, Charleston, Tampa, Jacksonville, Tucson, and Nashville.
Looking ahead to 2023, we can expect that higher interest rates and tighter budgets will have an impact on the housing and moving markets. This means there may be fewer moves and home sales.
However, economic factors may still drive some people to move. A survey showed that more people are looking for new jobs or planning to look for new jobs in the first half of 2023, with many hoping for higher salaries. This could lead to more moving activity and people searching for moving companies with full packing services, especially for those who find remote jobs that allow them to live anywhere.
For those who do decide to move in 2023, they may have tight budgets. High inflation has made it more expensive for people to buy necessities like groceries and gas, leaving less money for other expenses, including moving costs, Petra Pro Movers LLC operates with its own warehouses, trucks and guys which will assure people who are looking to move a high quality service with competitive delivery time frame.
Many Americans are feeling the financial strain, with a significant number reporting that 2022 was a tough year economically. Unfortunately, the situation may not improve in 2023, as most people don’t expect their finances to get better.
Given these circumstances, people who need to move may look for accredited moving companies to save money. do-it-yourself moves requires more effort and come with risks like damaged belongings and injuries, give Petra Pro Movers a call at 833-833-2502 we will assign a moving expert to walk through realistic low prices that can assure you getting a neat great service for a fair cost.
These trends could affect moving companies in 2023. If fewer people are moving overall and more people are opting for DIY moves which is not advisable to do, moving companies may see a decline in business.
To adapt to these changes, moving companies near you such as Petra Pro Movers LLC and any other moving company near you will consider offering moving insurance programs to increase their service value also free high quality moving supplies for their clients during these periods
Petra Pro Movers is completely understanding the inflation impact on peoples financial situations, best regards to all our existing clients, we will offer high moving service with high quality moving supplies included for the clients booking with us during these hard times.