Home Price Forecasts Have Been Revised for 2023
Today, we stumbled upon an image circulating on social media that beautifully illustrates the capricious nature of the real estate market. As we approached the end of 2022, industry pundits were confidently predicting a significant drop in home prices for 2023. In response, we prepared ourselves and diligently educated both our buyers and sellers while wholeheartedly assisting them in pursuing their objectives.
However, as the year unfolded, it became apparent that the real estate landscape was not adhering to these anticipated declines. Rather, home prices were not experiencing the dramatic appreciation rates seen in the immediate post-COVID years. Drawing from our daily involvement in the market, it became evident that the media’s narrative did not align with our recent experiences. Subsequently, revised forecasts have emerged that more accurately mirror our observations.
These same experts have now revised their outlook, suggesting that home prices are likely to remain stable or even exhibit a modest increase in value.
It is more important now than ever that you have a real estate advisor to help you reach your goals. Contact us to schedule a time to discuss how we can help.