What do Experts say Home Prices will Look Like the Rest of the Year?
August 19, 2022
If you are thinking about selling or buying a home anytime during the rest of this year, I am sure you are wondering what the market and pricing is going to look like. As most everyone knows the last two years home appreciation and values have been higher than they have in many many years. Many people are wondering if or when the pricing will start to decrease or even drop.
As we have already mentioned, in 2021 home prices and values increased so quickly. One thing that contributed to that was that mortgage rates were at record lows and this allowed more people to become homeowners. As an end result there were so many people needing or wanting to buy homes that there simply weren’t enough homes on the market to supply potential buyers. Lack of supply of homes and the strong desire for homeownership cause many home purchases to go into bidding wars.
So far this year home prices have started to slow down somewhat in comparison to the last year or two. However we have not seen a huge price drop. According to real estate experts across the board they do not see a price drop in sight for the reminder of this year. In fact they are even all in agreement that home prices will still increase on average 10% nationwide in the remainder of the year.
The main reason for their agreement on this is the fact that while there are more homes on the market there still are not truly enough for the demand. The second reason that they are saying is pushing prices up still is that mortgage rates are higher this year than last year and that is causing buyer demand to lessen but still not enough to drop appreciation values.
Here is the bottom line and what this means for you if you are looking to buy a home or sell your current home this year. If you’re worried about trying to sell your home or the home you want to buy will decrease in value, you should know experts are all in agreement that they don't see a depreciation in most markets, just deceleration of pricing increases. That means your home should still grow in value, just not as fast as it did last year. So if you are looking to buy or sell this year contact me today and let me get started working for you. I want to be YOUR realtor!