What Experts Say Will Happen with Home Prices Next YearExperts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace.
What's Driving the Housing Market Crazy
Dated: March 2 2022
You have likely noticed that we’re in a crazy Real Estate market – one like we've never seen before.
Several factors that are driving this phenomenon include (but are not limited to):
· Rapid population growth – we're hearing that an average of 350 people are being added daily to the DFW population. DFW is expected to double in the next 30 years, making us comparable (if not larger) than New York and Los Angeles. This growth is a result of a good economy, plentiful jobs, companies relocating here, affordable living, and great schools, to name a few.
· Extremely limited housing inventory – due to many circumstances, fewer homes have been available for sale this past year than we’ve ever seen in the history of tracking home sales. Builders cannot keep up with the demand, and many homeowners have been “holding tight” in regard to selling likely because they don’t want to become a buyer in this market.
· Low mortgage rates – the average buyer has more buying power when rates are lower, thus driving more people to purchase a home vs. renting.
Many homeowners have begun asking us what their home valuation is. Some are considering selling in this historic seller’s market, while others are considering options like a Home Equity Line of Credit (perhaps to remodel your home or minimize your debt load) or refinancing your mortgage to lower your monthly payment thus freeing up cash flow. We're seeing some homeowners even planning to make a move to their favorite places – the lake, the mountains, the beach – where prices haven’t escalated as much as they have here. Working from home has changed how many live, allowing much more flexibility and choices.
If you would like to chat with a Real Estate professional about any of this, feel free to reach out by phone, text, or email. Our conversation will be kept strictly confidential, and our meeting will at least provide you with some great information regarding future decisions.
Heather assists sellers in the preparation of their homes for listing by giving valuable advice concerning de-cluttering, cleaning, neutralizing, updating, space planning, and furniture placement. Her....