Will home prices go down or go up? This is one of the top questions in the real estate market for the past few years. While many people are comparing the situation to 2008, experts seem to have a different projection about the housing market.
See full episode with Jeff Jimenez about the housing market and other real estate subjects:
While there is no crystal ball that people can refer to when it comes to the real estate world, experts are expecting home prices to appreciate nationwide this year. In fact, most home prices went beyond their original pricing projections this year. Take a look at the charts below from Keeping Current Matters (KCM) and CoreLogic on how residential property prices have risen significantly in the recent years:
These projections are here not to scare people of the possible recession. It also doesn't mean that the bubble is going to burst because it's definitely not a bubble. These numbers are here to inform, so buyers and sellers can make wise and informed choices about their next steps. One reason that contributes to the increase of home prices is supply and demand. While many people are looking for homes, the construction of new homes are lesser than before.
If you are a seller and you're worried that you wouldn't make enough if you sell your home today, it is important to keep in mind that there is still a great market out there. It may not be as aggressive as it was a year ago, but the growth is still there. The appreciation of home prices should also be seen as good news by buyers, because it means that the properties that they buy today would definitely increase in value over the years.
As Long Island Realtor® Kyle Kelly always says, you don't wait to buy real estate. You buy real estate and then you wait.
If you are looking for Long Island properties or if you are planning to sell your home, but don't want to go through the headaches, it's best to consult a Realtor® with ample experience and is willing to work with you. Realtors® are not just brand carriers. They also have connections and team mates that help them make the process easier, so you can get to the closing table without hassles.
If you want to work with a real estate team who knows the ins and outs of the real estate industry or a real estate broker who can help you with the homebuying process step-by-step, reach out to Kyle Kelly of The Island Wide Team through any of these channels:
Call or Text: 631-831-0912
FB Messenger: m.me/KKellyNY
Personal Email: KKellyNY@gmail.com
Team Email: firstname.lastname@example.org
Instagram: @kkellyny @IslandWideTeam
YouTube: The Island Wide Team
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