皇冠体育app Midwest
Going into 2023, there was a lot of talk about a possible that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 10-20%—and that might have made you feel a bit unsure about .
But here’s what actually happened: went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, :
“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.”
To put last year’s growth into context, the graph below uses from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:
As an article from Forbes :
“. . . the U.S. real estate market has a long and reliable history of increasing in value over time.”
In fact, since 1980, the only time home prices dropped was during the housing market crash (shown in red in the graph above). Fortunately, the isn’t like it was in 2008. For starters, there aren’t enough available homes to meet buyer demand right now. On top of that, homeowners have a tremendous amount of , so they’re on much stronger footing than they were back then. That means there won’t be a wave of that causes prices to fall.
The fact that home values went up every single year except those four in red is why owning a home can be one of the smartest moves you can make. When you’re a homeowner, you own something that typically becomes more valuable over time. And as your home’s value appreciates, your .
So, if you’re financially stable and prepared for the costs and expenses of homeownership, buying a home might make a lot of sense for you.
Home prices almost always go up over time. That makes a smart move, if you’re ready and able. Connect with a local to talk about your goals and what’s available in our area.
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皇冠体育app Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
皇冠体育app agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners鈥 insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
