What’s Really Happening with Home Prices?

If you’ve been wondering about home prices lately, you’re not alone! With all the buzz out there, it can be hard to figure out your next move. 🤔

As a buyer, you might be worried about overpaying, and as a seller, you could be concerned about not getting your ideal price. Let’s break down what’s really going on with prices to help you make the right decision.

Home Price Growth Is Slowing, But Prices Aren’t Dropping

Across the country, home price appreciation is slowing down—meaning prices are still rising, just not as fast as in recent years. But don’t worry, this doesn’t mean home prices are dropping! The market is cooling, but prices are still on the rise, just at a more manageable pace. 📈

What’s Next for Home Prices? It’s All About Supply and Demand

Where home prices go from here depends on supply and demand, and this can vary by local market. While the number of homes for sale is increasing, there still aren’t enough to fully meet buyer demand, keeping pressure on prices. As Danielle Hale, Chief Economist at Realtor.com, says:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected. . . This should help home prices maintain a slower pace of growth.”

Plus, with experts predicting a continued drop in mortgage rates, more buyers may enter the market soon, which could push prices even higher. 📉🏠

Why Work with a Local Real Estate Agent?

National trends offer a broad view, but real estate is local. What’s happening in your neighborhood could be very different from the national average, depending on supply and demand in your market. That’s why working with a local expert like Krista Klause, your trusted realtor, is so important.

Whether you’re buying or selling, Krista and her team can give you the latest data and help you make the best decision for your unique situation. They’ll help you price your home accurately or find the perfect property that fits your budget.

Bottom Line

Home prices are still rising, just at a slower pace. Whether you’re buying, selling, or just curious about your home’s value, reach out to Krista Klause and her team today for expert advice and personalized guidance! 😊📞