Getting a handle on the trend for property prices across America is an excellent place to begin researching whether you want to sell your home or buy a property.
While the data that will impact you the most always relates to sales of similar properties in your neighborhood, the “mood music” is set by the national picture. It influences the attitudes of other buyers and sellers.
So, the latest findings by industry researcher CoreLogic are worth a walkthrough. It predicts an average 3% value growth across America in 2023.
That’s a positive commentary on the strength of property given the rate rises imposed by the Federal Reserve to stem excessive inflation which has now seen six successive monthly drops.
Our strong employment record is another reason for real estate resilience during the next 12 months. Right now, the jobless number reads 3.4%.
For upgraders, this is a great time to strike out.
While you might not get the strong price outcome for your current home, you should more than make up the difference when you buy up.
Make your move now, and you’ll avoid the ultra-competitive exuberance that will quickly surface once the Fed starts reversing rates.
Here are five critical findings cited by CoreLogic in its 2023 predictions:
- National values will rise by 3% across America.
- Its prediction follows the 6.9% national increase enjoyed in 2022. That’s a substantial return on investment given the prevailing economic circumstances.
- Florida and Vermont led the way in 2022, achieving value hikes of 15.3% and 13.5% respectively.
- In 2023, the strongest markets will be scattered across the US and include Miami (+19.5%), Houston (+8.7%), Chicago (+5.8%) and Phoenix (+5%).
- Nine states registered double-digit price increases in December using year-on-year comparative figures. Some 48 states achieved similar annual gains last April.
This last point is essential for upgraders. It indicates how the market has slowed recently and why good buying opportunities exist.