“And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.”
Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.
Selma Hepp, Chief Economist at CoreLogic, says:
“While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”
Additionally, every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they said most recently:
So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider making a move:
- Buying a home helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.
- Homeownership is a hedge against inflation. A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.
- Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.
Experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a home this spring. The decision to purchase a home is best made when you do it knowing all the facts and have an expert on your side.
Bottom Line
Reach out to a local real estate professional to make the most informed decision about your next move.
How Homeownership is Life Changing for Many Women
The financial security and independence homeownership provides can be life changing.
Get Ready: The Best Time To List Your House Is Almost Here
If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.
Why Buying a Home Is a Sound Decision
Experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate.
The Role of Access in Selling Your House
As today’s housing market changes, be sure to work with your local agent to give buyers as much access as you can to your house when you sell.
What Buyer Activity Tells Us About the Housing Market
January’s home showings are a positive sign that buyers are getting back out there.
An Expert Gives You Clarity in Today’s Housing Market
The right agent can help you understand what’s happening at the national and local levels.