He told Insider that prices this year will disappoint both buyers and sellers.The horror movie for prospective homebuyers isn't over yet.
Miller co-founded his New York-based firm Miller Samuel in 1986, and it appraises about $5 billion in New York City-area properties every year. Miller himself has written housing market reports for the real estate firm Douglas Elliman for almost 30 years, tracking real estate sales in Southern California, Florida, Boston, and other major markets.
"I call 2023 'The year of disappointment," he said."Sellers aren't going to get their 2021 price, and buyers aren't going to get a big discount." And over time, potential buyers will get used to rates in their current 6% to 7% range, instead of comparing it to the 3% and 4% rates of the recent past.