Whether you’re a potential homebuyer, seller, or both, the answer to this question matters to you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals.

What’s Happening with Home Prices? Home prices have seen121 consecutive months of year-over-year increases. So why are prices climbing so much? It’s because there are more buyers than there are homes for sale. This imbalance is expected to maintain upward pressure on home prices because homes for sale are a hot commodity in today’s low-inventory housing market.

Experts say the housing market isn’t set up for a price decline due to that ongoing imbalance between supply and demand. In the latest home price forecasts for 2022, they’re calling for ongoing appreciation throughout the year (see graph below):

While the experts are forecasting more moderate price appreciation, the 2022 projections show price gains will remain strong throughout this year. The biggest takeaway is that none of the experts are projecting depreciation. If you’re a homeowner thinking about selling, the higher price appreciation over the last two years has been great for your home’s value, but it’s also something you should factor in when planning your next steps. If you’ll also be buying a home after selling your current house, you shouldn’t wait for prices to fall. Waiting will only cost you more in the long run because climbing mortgage rates and rising home prices will have an impact on your next home purchase.  

Freddie Mac says:

“If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices — well, that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”

 

If you’re thinking of selling to move up, you shouldn’t wait for prices to fall. Experts say prices will continue to appreciate this year. If you’re ready, buying your next home before prices climb further may make the most financial sense. Let’s connect to begin the process of selling your current home and looking for your next one before prices rise higher.

 

The biggest takeaway is that none of the experts are projecting depreciation at this time (as of the time I'm writing this article). If you are a homeowner thinking about selling, call me to get your free market analysis and to learn about my value proposition. Besides being a REALTOR®, I am also a professional stager. With the help of Deb’s Décor of Bedford, we will stage your Bedford home at no additional charge (only in 2022). Please reach out to me directly at 603-660-8764 or Linda.Moreau@BeanGroup.com for help and service. I look forward to being of service to you and to help achieve your home dreams.

Linda Moreau | REALTOR® | Green |  ASP® | SRS  |  ABR® 

Bean Group | Bedford

264 S. River Rd. #462, Bedford, NH 03110

Office: (603) 310-4619 ext. 7120

Direct: (603) 660-8764

Email: linda.moreau@beangroup.com

Web: www.lindamoreau.com