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Want to know what experts say will happen in the rest of 2023?
- In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market.
- When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.”
Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
There are only about half the number of homes for sale compared to the last normal years in the market.
Looking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally.
You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008.
- If you’re on the fence about selling your house, it’s worth considering all the reasons why moving could make sense for you.
- If you find your home no longer meets your needs, it may be time to sell.
- Buying a home is a major way to build wealth and gain financial stability.
- That’s why, across different income levels, the largest part of most homeowners’ net worth is their equity.
- Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways.
- First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time.
- If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide.
- If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current sellers’ market, the added expenses might not be worth it.