What Will Happen With Home Prices This Year?
In addition, home prices are expected to continue appreciating. The graph below shows the 2022 home price forecasts from seven industry leaders. As the bars indicate, they’re all projecting an increase this year as buyers competing for a limited number of houses continue to put upward pressure on prices. The dotted line represents the average of all the forecasts together, showing the rate of appreciation is expected to be about 8.9%.
While that’s not the record-breaking increase we saw over the past year, its still continued price growth – not a decline. Why is that important to you? If you’re waiting for prices to drop because you think homes will be more affordable, the data from leading experts simply doesn’t support it.
If you’re ready and able to buy, think of today’s mortgage rates and rising home prices as motivating factors to purchase sooner rather than later. Let’s connect today so you can buy your home before it costs more to do so.