As experts start to make 2023 Home Pricing Forecasts, many agree that homes will continue to gain value. On the other hand, there are also others that claim that home prices will depreciate. Below are forecasts from different experts in the housing market:
Image source: Keeping Current Matters
Here are some reasons why some experts are claiming appreciation:
1) Supply and Demand - although there are new construction of homes, there currently isn't enough supply to meet the demand. It's still a sellers market, although it's slowly starting to shift into a buyers market.
2) Millennials Peak Homebuying Years - the largest demographic of buyers today are millennials. Although baby boomers still play a big part in purchasing homes, it is evident that millennials have been really keen to have a place they can call their own. This means that the demand will be here for a while.
Possible Depreciation
According to newsweek.com, home sales aren't going down because there are little or no potential buyers. There are actually plenty who are willing to buy a home. However, since current home prices are up by about 34% versus two years ago, many can't afford to enter the housing market.
Experts base their forecasts on data and experience. They may not always have the same insights, especially since the housing market is not 100% predictable. Whether prices continue to go up or eventually go down, the truth is, there is no crystal ball to tell how exactly the future plays. There is only the dynamics of supply and demand, which every business relies upon, particularly in real estate, and will continue to do so for years to come.
If you want to get expert insights and guidance about your local real estate market, contact your trusted Realtor® Kyle Kelly or any member of The Island Wide Team today.
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