According to the most recent data released by Fannie Mae, 23 percent of Americans continue to believe that home prices will decrease in the upcoming year. However, why do about 1/4 of people have that feeling?
This is largely due to the unfavorable discourse that has been surrounding home prices over the past year. The media has been spreading fear of a price collapse since late 2022, and those worries are still there today. It’s possible that you know someone who is concerned about real estate costs, or you may observe on social media that some influencers predict a sharp decline in prices.
If you continue to believe that prices will drop, consider this: Is a dependable source of information more likely to come from social media and clickbait headlines, or a reputable source with knowledge of the housing market?
It’s an easy response. Pay attention to the advice of experts in residential real estate.
It’s important to remember that, as recently as a few weeks ago, Fannie Mae predicted 3.9% appreciation in 2023. That estimate for the year was revised from 3.9% to 6.7% in the most recent forecast. This increase demonstrates the high level of confidence experts have in this year’s home price net positive outcome.
Therefore, if you think that property prices are declining, it might be time to seek the advice of specialists instead. They claim that prices are actually rising.
Over the past year, a lot of false information on housing prices has been spread. And people’s perceptions of the property market are still influenced by it. Therefore, it’s advisable to not accept everything you read or hear.