Some great information from our friends over at KCM. Even though interest rates have gone up, we have not seen home prices fall. Are you thinking about
making a move? If so, all the speculation that
home prices
would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong. Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the
supply of homes
for sale is too low. There are just
more buyers
looking to buy than
homes available, and that’s kept prices from falling. To prove this year wasn’t a bust for
home prices, let’s look at the latest 2023 forecast from a number of experts. #### **Most Experts Project Home Prices Will Net Positive this Year** The general consensus from industry experts is that home
price appreciation
will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:  [](https://files.keepingcurrentmatters.com/content/branded/images/20231005/20231011-2023-Year-End-Home-Price-Forecasts.png) **As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.** If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The
projection
from the
_National Association of Realtors_
(NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year. If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the
_Home Price Expectation Survey_
(HPES) from
_Pulsenomics._
It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year. If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling. ### Bottom Line If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in your area, connect with me! if you just have a quick question or you are ready to make a move. Reach out to Chris Simpson 231-215-7229 Chris Simpson
Nexes Realty Inc.
880 W. Broadway Ave
Muskegon, MI 49441 * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2023/10/17/the-latest-expert-forecasts-for-home-prices-in-2023/?share=twitter&nb=1)
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