The real estate market is complex, and it’s impossible to make a blanket statement about what is happening. Generally speaking, media reports of home prices falling are exaggerated. While it is true that some listing prices have dropped, overall, home prices are still up 10% over last year. The main factor driving the market is limited inventory, which is causing buyers to compete for the same properties. Let’s look at some facts below and not focus on the media sounds bytes.
- If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
- While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
- Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.