Many people are thinking about buying homes in 2023. If you are new to home buying, you might be wondering if now is really the best time to buy. It is normal to second guess yourself when so much money and your future is on the line. There are a few national factors and also some considerations that are common knowledge to realtors, but might not be known to you, regarding the soundness of investing in real estate in 2023.
National Market Conditions
We are not seeing home prices fall dramatically. On the contrary, in some local markets, home prices are inching up. The Triangle is still experiencing a shortage of homes and many buyers can be frustrated by bidding wars and a continued advantage of sellers, however, this is indicative of a strong market that continues to grow in desirability. In terms of what the market is likely to do nationally, housing experts polled by Pulsenomics reported in the Home Price Expectation Survey indicated that homes will depreciate by 1.5% then increase annually and return to normal levels of appreciation through 2027.
Experts are not forecasting a substantial depreciation in home values, nationally, and the strength of the market locally is very good in The Triangle. For buyers, the fact that steady appreciation is expected is a green light. If you consider the appreciation factoring in, if you bought a house today for $400,000, according to the estimated appreciation, your home would increase in value to $454,000 by 2027. When you look at homeowning in terms of appreciation, the case is strengthened for buying now.
Rest assured in the financial future of home ownership in 2023. Where owning a home is always more profitable than renting, in the next five years, experts anticipate the prices to appreciate more than they have depreciated this year. If you are a first-time home buyer and would like to know more about home buying in the Research Triangle Park, please contact a member of My NC Homes today. We can provide an in-depth report on the exact home and neighborhood you are considering and are happy to provide our expertise.Posted by Larry Tollen on
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