Don’t expect a drop in home prices in 2023, NAR economist says

 

This article comes from https://www.housingwire.com and it is saying What I have been saying is that it is not looking like a big dip in real estate prices.

" “For most parts of the country, home prices are holding steady since available inventory is extremely low,” Yun said. “Some places are experiencing price gains, while some places, most notably in California, are seeing prices pull back.”"

The key is the location and inventory, When you get into Luxury Real Estate in any area that might take a price hit. Average priced homes I just do not see much difference in retail prices.

" “Housing inventory is about a quarter of what it was in 2008,” Yun said. “Distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash. Short sales are almost impossible because of the significant price appreciation of the last two years.”"

" The housing market conditions are also fundamentally different than they were during the Great Recession, according to Yun. As such, it’s unlikely that there will be a significant increase in distressed property inventory on the market — or a subsequent decline in housing prices — in the near future."

There is just not much going on with foreclosures. With the lower interest rates when homes were purchased at 2%-3% interest rates they will probably not move . At 2% it is still a solid real estate market. I have seen experts saying the floor was going to drop out of home prices like 2008. Just not the same market and why less foreclosures and inventory.

All in all this article says home prices will go up about 1% in 2022. If inflation gets under control the mortgage rates and real estate market will look way better than the 1%.

All in all it does not look like the sky is falling but actually looking very good.

The good news is there are still some great deals in income real estate and I know how to find them.

Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me 

 

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