“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 Experts Can Help Close the Gap in Today’s Homeownership Rate
Homeownership is an essential piece for building household wealth that can be passed down to future generations.
The Top Reasons for Selling Your House
If you also find yourself wanting a change in location, needing more space than your current house can provide or feel the need to downsize, it may be time to sell.
Experts Forecast a Turnaround in the Housing Market in 2023
As we move through 2023, there are signs things are finally going to turn around.
Lower Mortgage Rates Are Bringing Buyers Back to the Market
The upcoming months should see a return of buyers, as mortgage rates have been coming down since mid-November.
Where Will You Go If You Sell? You Have Options.
By working with a trusted real estate agent, you can be confident you’re making the most educated, informed decision.
Why It Makes Sense to Move Before Spring
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.