ARE WE SEEING FALLING HOME PRICES?
As we move into the Fall season, you may be wondering what is going on with home prices. According to housing experts, home prices are not falling anymore, and the real estate downturn is turning out to be shorter than originally predicted. Why is this? Scarcity is a big reason.
High interest rates are keeping homeowners with low mortgage rates staying put in their homes and some potential buyers have given up on their search waiting for rates to come down. This has caused overall transactions to decrease, but prices are holding due to supply and demand. New listings of homes for sale are still far lower than in years past, so there continue to be bidding wars in some markets with properties averaging about three offers.
This is good news for homeowners who need to sell as they most likely will see a strong return on their investment. As we move into the Fall and Winter months where we typically see a slowdown, prices are unlikely to fall significantly because there are just not enough homes for sale to meet demand. If you would like more housing data to see what is happening in your local area, feel free to reach out to my team and I for the most up-to-date information.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!