During the last year, there has been a lot of discussion about home prices. Some people have predicted a significant decrease in prices, similar to what happened in 2008, but this hasn’t occurred. Others have suggested that the real estate market may experience minor appreciation or depreciation, depending on the region. With the approach of the spring real estate market, experts are still making predictions about what they think will happen with home prices in the upcoming 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.”
Furthermore, on a quarterly basis, Pulsenomics conducts a survey among a group of more than 100 housing market analysts, economists, and investment strategists to gauge their projections for the upcoming five years with regards to home prices in the United States.
Here are the latest findings from their survey:
Based on the information provided and expert opinions regarding home prices, you may be wondering whether you should purchase a home this spring. Here are three factors that you should take into consideration when deciding whether to make a move:
- Opting to buy a home can help you break free from the pattern of increasing rent prices. Historically, the median cost of rent has consistently risen, meaning that rent prices are likely to continue increasing in the future.
- Owning a home serves as a safeguard against inflation. One of the key advantages of homeownership is that it is an effective way to guard against inflation. By purchasing a home with a fixed-rate mortgage, you lock in your housing payments, ensuring that they do not increase in the same way that rent prices can.
- Homeownership is a valuable tool for building wealth. On average, homeowners have a net worth of $255,000, while renters have an average net worth of only $6,300.
Analysts are forecasting a small decline in housing prices in the current year, followed by steady growth. This information might leave you wondering whether it’s the right time to buy a home this spring. However, the choice to invest in a home should be based on a thorough understanding of the circumstances, and it’s best to seek guidance from a professional.
Let’s connect so you can make the most informed decision about your next move.Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area. www.kayahomesny.com
Thu, 23 Mar 2023 20:09:48 +0000
