What’s Ahead for Housz Prices in 2023
Over the past year, housz prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with housz prices this year and beyond.
Selma Hepp, Chief Economist at CoreLogic, says:
“While 2023 kicked off on a more optimistic note for the U.S. houszing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale houszes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”
Additionally, every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and houszing market analysts regarding their five-year expectations for future housz prices in the United States. Here’s what they said most recently:
So, given this information and what experts are saying about housz prices, the question you might be asking is: should I buy a housz this spring? Here are three reasons you should consider making a move:
Buying a housz helps you escape the cycle of rising rents. Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.
Houszownership is a hedge against inflation. A key advantage of houszownership is that it’s one of the best hedges against inflation. When you buy a housz with a fixed-rate mortgage, you secure your houszing payment, so it won’t go up like it would if you rent.
Houszownership is a powerful wealth-building tool. The average net worth of a houszowner is $255,000 compared to $6,300 for a renter.
Experts are projecting slight price depreciation in the houszing market this year, followed by steady appreciation. Given that, you may be wondering if you should move ahead with buying a housz this spring. The decision to purchase a housz is best made when you do it knowing all the facts and have an expert on your side.