DON’T EXPECT A PRICE DROP IN HOME PRICES IN 2023

Expect an Increase of 1% in The National Median Next Year Instead

The Current Market

While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.

Leonardo and Angelica,

Mortgage Rates

Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.

Homes Currently Under Contract or Pending in Governor’s Ranch

There are currently no homes Under Contract or Pending in Governor's Ranch. Call us if you would like to know what your Governor's Ranch home would sell for at 970.481.4150 or 970.669.4175

Homes Sold Recently in Governor’s Ranch

Predictions

Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.

Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood experts to develop a plan to stay ahead of the curve will result in the best sale possible. Call us today at 970.481.4150 or 970.669.4175 to get the conversation started.

INVENTORY IS LOW, AND WE HAVE MOTIVATED, WELL-QUALIFIED BUYERS LOOKING FOR THEIR NEXT DREAM HOME IN GOVERNOR’S RANCH! Call