What Are The Experts Predicting For Home Values In 2023?
As a potential seller thinking about selling in the upcoming year, what are the experts predicting will happen with home prices in 2023?
As we are coming to a close to 2022, what are the experts forecasting for next year? Will it still be a good time to sell? The answer is YES!!
On average, forecasters are predicting home prices to continue to appreciate 2.5% in 2023. Now, that may be lower than the last couple of years, when the market was seeing skyrocketing home prices, BUT it is good news to homeowners who have been led to believe their home will lose substantial value. So why is this?
According to the experts two things are causing home prices to continue to tick upward next year: An undersupply of homes on the market (i.e., supply and demand) which still has us in a seller’s market AND millennials are now moving into their home buying peak years. Millennials continue to be one of our largest demographics of homebuyers.
Experts are also predicting a stronger Spring Market in 2023 with interest rates coming slightly down and buyers who have been sitting on the sidelines jumping back into the market. Of course, keep in mind these are all predictions and it is best to consult your agent for local market conditions at the time you list.
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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 2022 real estate forecast, don't hesitate to reach out - we're happy to help!