Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.
Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.
To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 forecast from a number of experts. If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in our local area, let’s connect.
The 2023 Home Price Forecast: Expert Consensus
In recent months, the real estate market has been awash with concerns about a potential crash in home prices. With rumors of steep declines of 5%, 10%, or even 20% circulating, many prospective homebuyers and sellers have been understandably anxious. However, a deeper look into the market reveals a more reassuring story.
The primary factor preventing a significant price drop is the fundamental law of supply and demand. The supply of homes for sale is simply too low to satisfy the strong demand from buyers. This dynamic has created a robust support for home prices, preventing them from spiraling downwards as some had feared.
Now, let’s turn to the experts and their latest forecasts for home prices in 2023. These forecasts provide us with valuable insights into the likely direction of the real estate market and can help dispel any doubts about the future of home prices.
What the Experts are Saying
- National Association of Realtors (NAR): NAR, one of the most reputable sources in the real estate industry, predicts that home prices will continue to rise steadily throughout 2023. They cite strong job growth, low mortgage rates, and high demand as key factors supporting this trend.
- Zillow: The popular real estate website, Zillow, also anticipates an increase in home prices. Their forecast indicates that prices will rise by a moderate but healthy percentage, reflecting the ongoing imbalance between supply and demand.
- CoreLogic: A leading provider of property insights and solutions, CoreLogic predicts that home prices will appreciate in 2023, albeit at a more sustainable rate compared to recent years. This gradual appreciation is seen as a positive sign for market stability.
- Redfin: Redfin’s forecast aligns with the consensus, suggesting that home prices will experience positive growth in 2023. They highlight that affordability challenges may persist, but this won’t lead to a crash in prices.
Finding Reassurance in the Numbers
When we look at these expert forecasts collectively, a clear picture emerges: the housing market is expected to remain robust and prices are projected to appreciate in 2023. The fears of a significant price drop are not substantiated by the data or expert opinions.
The shortage of available homes, coupled with continued demand from buyers, is a powerful force that is likely to keep home prices stable and even rising in many areas. Therefore, if you’re considering buying or selling a home in 2023, these forecasts should provide you with the reassurance you need to make informed decisions.
Connect with a Local Expert
While these national forecasts provide a helpful overview, it’s essential to remember that real estate is inherently local. Market conditions can vary significantly from one region to another, and even from one neighborhood to the next.
If you have specific questions or concerns about what’s happening with home prices in your local area, it’s always a good idea to connect with a local real estate expert. They can provide you with tailored insights and guidance based on the unique dynamics of your market.
In conclusion, the latest expert forecasts for home prices in 2023 paint a positive picture for the real estate market. The supply-demand imbalance remains a driving force behind stable or appreciating home prices. So, if you’re contemplating a real estate move this year, you can do so with confidence, knowing that the data and experts are on your side.