Whether you are considering selling or buying a home in 2023, you may have questions about home prices in an apparently-cooling market. In a nutshell, experts on the national level don’t predict a market crash, but the moderation of home prices will depend largely upon supply and demand in individual markets.
Simply put, home price appreciation will vary by location with greater changes occurring in overheated areas. It’s never been more important to rely on experienced real estate professionals who are experts in the neighborhoods.
Experts from around the nation weigh in on the current market
Danielle Hale, Chief Economist at realtor.com, says:
“The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. . . Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.”
Taylor Marr, Deputy Chief Economist at Redfin, says:
“For those bearish folks eagerly awaiting the home price crash, you’ll have to keep waiting. As much as demand is pulling back supply is as well reducing downward pressure on prices in the short run.”
Should I Buy a Home Now or Wait?
Buying a house in any market is a highly personal decision. And trying to predict what will happen next year—or beyond—is simply not the best strategy for buying real estate. Ned Navab says, “Buyers sitting on the sidelines today in anticipation of lower prices tomorrow may end up disappointed.”
Are you ready to buy or sell a home? Is home buying or selling right for the circumstances of your family? If so, instead of waiting for much lower (or higher) prices, buy or sell a home based on your personal needs. That’s how you make a good decision.
What Does This Mean for You?
Looking for answers? Let’s talk about your needs and together we can analyze the latest trends in your specific neighborhood. And click here for great information to help you through the decision-making process. Armed with knowledge, you’ll be able to move forward confidently with your real estate dreams. 707.591.5309
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