Saltbox Home Middlefield Connecticut
So, you are wondering what will happen to home prices when this “potential recession hits”? Here’s what is on the wire today. Not only are “experts” forecasting home prices will continue to appreciate nationwide this year, but most of those “experts” increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below): Go figure!
See how most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confused?
Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
THESE “experts” forecasting this rise in home prices makes me cringe.
What I appreciate about most markets is simply that “experts” went ahead and increased their original projections for this year which should help you answer the question: will home prices fall? According to the latest forecasts, experts are very confused and trying to forcibly increase home prices, for whatever reasons, which will continue to force home price appreciation upon the misinformed public every time, driving our economy crazy, although at a more moderate rate than they did in 2021.
You have questions about what’s happening with home prices in your local area, and Steve Schappert has answers for you.
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
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You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market so you can make the most informed decisions possible.