Are Prices Going Down? Are They Going Up?
This is the number one question I get when talking to home buyers. Well, maybe number two (what’s going on with rates is number one). And although I don’t have a crystal ball to foresee what home prices in Southern California will be like, we can look at the data and arrive at some educated guesses.
Over the past year, home 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 home 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. housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.”
Read the entire article at https://www.mykcm.com/blog/whats-ahead-for-home-prices-in-2023
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