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What’s Ahead for Home Prices in 2023

Are you thinking about buying a home this spring? With all the uncertainty surrounding the real estate market, it can be tough to make an informed decision. But fear not, experts are weighing in on what they believe will happen with home prices this year and beyond.

Over the past year, home prices have been a widely debated topic. Some have predicted a massive drop in prices, while others have forecasted slight appreciation or depreciation depending on the area of the country. However, Selma Hepp, Chief Economist at CoreLogic, believes that the continued shortage of for-sale homes will keep price declines modest, projecting a peak-to-trough decline of 3%.

Additionally, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts every quarter to gauge their five-year expectations for future home prices in the United States. Their most recent survey suggests steady appreciation in the coming years.
So, why should you consider buying a home this spring? Here are three compelling reasons:

> Escape rising rents: Over the past several decades, the median price of rent has consistently risen, and there is no sign of it slowing. Buying a home allows you to escape the cycle of rising rents and provides a sense of security in knowing your housing payment won’t go up.

> Hedge against inflation: Homeownership is one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, and it won’t go up like it would if you were renting.

> Powerful wealth-building tool: The average net worth of a homeowner is significantly higher than that of a renter. Homeownership is a powerful wealth-building tool that can help you build equity and secure your financial future.

While experts project slight price depreciation in the housing market this year, followed by steady appreciation, it’s essential to make an informed decision when it comes to buying a home. 

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