What’s Next for Home Prices in 2023?

The topic of home prices has been widely discussed over the past year. Some predicted a huge drop in home prices, and that 2008 could be repeated. This has not happened. Others predict a real estate market where prices could appreciate or fall depending on where they are located. However, the continued shortage of homes for sale is likely to keep prices down modestly, which are projected to top out at 3% peak to trough. 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.”Additionally, every quarter, Pulsenomicssurveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. Here’s what they had to say recently: These are three reasons to consider buying a home: Buying a home can help you avoid the cycle of rising rents. The median rent price has increased steadily over the past few decades. Rent is on the rise.
Inflation is a hedge with homeownership. One of the greatest hedges against inflation is homeownership. Fixed-rate mortgages are a way to ensure that your monthly housing payment doesn’t rise as much as if you rent.
The best way to build wealth is through homeownership. The average net worth of a homeowner stands at $255,000, while that of a renter is $6,300.
Experts predict a slight depreciation in the price of housing this year, followed closely by steady appreciation. You may be wondering whether you should buy a home in spring. You may be wondering if you should make the move to buy a home this spring. Click Here to learn about the Personalized Posts feature of KCM.