ABC7 Chicago is taking a look at investing, real estate and housing market news ahead of the new year and concerns over a looming recession.
As for stocks to buy in the New Year, "There are always opportunities in the market, especially if you're not necessarily concerned about what the market's going to do over the next week or month or even the next six months. And I think in 2023, there will be pockets of strength. I think some of the areas that have held up in 2022 will continue to hold up in 2023 and I think those areas include healthcare. I think you'll see insurers continue to do reasonably well in 2023.
Those are signed contracts for existing homes, condos and co-ops. At the same time, while mortgage rates have fallen in recent weeks, they're still more than double what they were in early January.Diane Glass, CEO and designated managing broker at Berkshire Hathaway Home Services Chicago, joined ABC7 Chicago to talk about it."I think it's really important that we keep today's market in perspective," Glass said.
Home prices "are holding steady," Glass said. And she said the National Association of Realtors is expecting them to stay steady next year and to rise slightly in 2024. "So for first-time home buyers, there are a few things to consider. The first is to remember the market is less competitive now. So if you sidelined yourself for the last few years because of that busy market, now is a great time to take another look. And then remember that interest rates are not forever. In fact, buyers might hear the phrase that you marry the house and you date the rate.
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