Are you potentially thinking of selling your home in the upcoming year? If so, what can you expect will happen with home prices in 2023?
Will 2023 Be a Good Year For Home Sellers?
As we are heading to a close to 2022, a lot of people want to know what are the experts forecasting for next year? Will it still be a good time to sell? The answer is YES!! On average, forecasters are predicting home prices to continue to appreciate 2.5% nationally in 2023. Now that may be lower than the last couple of years, when the market was seeing skyrocketing home prices, BUT it is good news to homeowners who have been led to believe their home will lose substantial value.
So why is this? According to the experts two things are causing home prices to continue to tick upward next year: An undersupply of homes on the market (i.e. supply and demand) which still has us in a seller’s market AND millennials are now moving into their home buying peak years. Millennials continue to be one of our largest demographics of homebuyers. Experts are also predicting a stronger Spring Market in 2023 with interest rates coming slightly down and buyers who have been sitting on the sidelines jumping back into the market.
Reach Out For Guidance
Of course, keep in mind these are all predictions and it is best to consult your agent for local market conditions at the time you list. As always, please feel free to reach out to us if you are thinking of selling and we can put together a comprehensive listing marketing plan for you.