Whether you are considering selling or buying a home in 2023, you may have
questions about home prices in the current 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 your preferred
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. Buyers sitting on the sidelines today in anticipation of lower prices tomorrow may end up disappointed.
Home buying or selling only makes sense in any market if it’s the right decision
for YOU. If that’s the case, instead of waiting for much lower (or higher) prices,
move forward with confidence to buy or sell a home based on your personal needs.
That’s the hallmark of a good decision.
What Does This Mean for You?
I’d love to help you find the best answer for you. Let’s discuss your needs and
analyze current trends in your specific neighborhood. Knowledge is power, and
will allow you to move forward with confidence in achieving your real estate
dreams.