Charleston SC Real Estate Brokerage AgentOwned Shares Latest Expert Forecasts for 2023 Home Prices

Are you contemplating a move? Amidst the speculations of a potential downturn in home prices this year, you might be feeling a tad apprehensive about your decision. Let the data and the experts put your mind at ease. Prices aren't on a downward spiral; in fact, they're set to end the year on a strong note.

Despite hearing murmurs of potential drops of 5%, 10%, or even 20% this year, such a scenario has not materialized. The key factor at play here is the limited supply of homes for sale. There's a surplus of buyers eager to make a purchase, but a shortage of available homes has prevented any significant price decreases.

To substantiate that this year has not been a disappointment for home prices, let's examine the latest 2023 forecasts from various experts.

Most experts are forecasting a positive trajectory for home prices this year. The graph below presents the 2023 year-end projections from six distinct organizations:

As depicted, all but one foresee positive national price trends for the year. This is noteworthy as it indicates that the majority maintain an optimistic outlook on home price appreciation.

If the one red bar indicating a slight overall drop in prices for the year still concerns you, consider this: the projection from the National Association of Realtors (NAR) hints at only a marginal decline. It's far from the significant crash that headlines were anticipating. Moreover, when you average out all six projections, the consensus is that prices will appreciate by approximately 3.3% for the year.

And if the assurances from these six organizations aren't sufficient to alleviate your concerns, here's another aspect to ponder. One of the forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. This survey amalgamates responses from over 100 economists, investment strategists, and housing market analysts. The HPES revealed that the collective projection from all 100 experts is a 3.3% increase in prices for the year.

Upon revisiting the graph, you'll observe that the blue average for the forecasts aligns with 3.3%. While individual projections may fluctuate, both the HPES survey and the aggregate of these forecasts deliver the same outlook. A 3.3% appreciation paints an entirely different picture than a decline in prices.

In Conclusion:
If concerns about plummeting home prices have been occupying your thoughts this year, rest assured. Based on the average of the most recent forecasts, home prices are poised for positive growth in the current year. Should you have any queries regarding the status of home prices in our local area, don't hesitate to reach out. As the local real estate experts in South Carolina, AgentOwned Realty is here to assist you in making informed decisions about your move to this beautiful state. From the best places to live in Charleston SC to top-rated real estate agents in Charleston SC, we have you covered. We understand that factors like weather, schools, and job opportunities in South Carolina play a crucial role in your decision-making process. Let us help you navigate all aspects of moving to the South, ensuring a smooth transition for you and your family. Trust AgentOwned Realty, the best brokerage in Charleston SC, to be your partner in all your real estate endeavors.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 
Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation.

Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

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