Today's post is a very short one. In December 2022, many investment and real estate-related companies projected that home prices would decline in 2023. However, the current situation is completely different.
Ultimately, these companies have revised their forecasts for home prices. In the table below, you can see significant differences between the projections made in December 2022 and the recent ones.
As you can see, the forecast is that local home prices will continue to rise. With the overall market in the United States being like this, homes in areas popular for reasons such as school districts and safety (high demand areas) are expected to increase even more.
The main cause is the shortage of supply. Even if the number of buyers has decreased due to interest rates, there are still many more buyers entering the market than the current supply can accommodate.
I recommend keeping a close eye on the market and making wise real estate decisions. If you have any further questions, feel free to reach out anytime.
I'll be back with more information next time.
Thank you.
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