Local Real Estate February 10, 2023

What the experts predict for home values in 2023 and how it may affect your Santa Cruz home price.

As a potential seller thinking about selling in the upcoming year, what are the experts predicting will happen with home prices in 2023? Hi, I’m Maya Crelan Ray with David Lyng Real Estate. As we are coming to a close to 2022, what are the experts forecasting for next year? Will it still be a good time to sell? The answer is YES!! On average, forecasters are predicting home prices to continue to appreciate 2.5% in 2023. Now that may
be lower than the last couple of years, when the market was seeing skyrocketing home prices, BUT it is good news to homeowners who have been led to believe their home will lose substantial value. So why is this? According to the experts two things are causing home prices to continue to tick
upward next year: An undersupply of homes on the market (i.e. supply and demand) which still has us in a seller’s market AND millennials are now moving into their home buying peak years. Millennials continue to be one of our largest demographics of homebuyers. Experts are also predicting a stronger Spring Market in 2023 with interest rates coming slightly down and buyers who have been sitting on the sidelines jumping back into the market. Of course keep in mind these are all predictions and it is best to consult your agent for local market conditions at the time you list.
As always, please feel free to reach out to me if you are thinking of selling and I can put
together a comprehensive listing marketing plan for you. Thanks for watching and have a great day!