Friday, September 23, 2022 / by Rachel Green
What Experts Say Will Happen with Home Prices Next Year
Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value.
Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major forecasters noted below is 2.5%. While one, Zelman & Associates, is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they project home prices are going in the coming year.
To understand why experts are c ...
Thursday, September 8, 2022 / by Rachel Green
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Calling all investors, fixer-uppers, and sweat-equity hustlers*! This house is a blank canvas awaiting your Instagram-worthy renovations. When it comes to flipping homes or creating your dream space with sweat equity, it doesn't get better than this. The popular split-entry floorplan sits on a large (.38 acre) lot at the top of a cul-de-sac — perfect for building an oversized garage, workshop, studio, or guest house**). Inside, you'll find four bedrooms, two full bathrooms, two living rooms, and a separate entrance to the basement from the side of the home. The kitchen can be re-opened to the living room for an open concept, or keep the cabinets in place for the increasingly popular compartmentalized concept. Off the kitchen/ dining is an oversized deck for entertaining or for simply gazing upon your oversized lot. Under ...
Thursday, September 1, 2022 / by Rachel Green
Should I Sell My House This Year?
There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about ...
Wednesday, August 17, 2022 / by Rachel Green
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):
As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and stro ...