#1 Question, will home prices drop in Metro Detroit MI. Check your city if home prices dropping by price range and inventory levels & find out.
Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market isn’t a bubble about to burst, and home price growth is supported by strong market fundamentals.
To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know.
Home Prices Rose Significantly in Recent Years
The graph below uses the latest data from CoreLogic to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic increase in the rate of home price appreciation in 2021. The blue bars show home prices are still rising in 2022, but not as quickly:
You might be asking: why did home prices climb so much last year? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was extremely high, and supply was record low.
Where Experts Say Prices Will Go from Here
While housing inventory is increasing and buyer demand is softening today, there’s still a shortage of homes available for sale. That’s why the market is seeing ongoing price appreciation. Mark Fleming, Chief Economist at First American, explains it like this:
“. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.”
As a result, experts are projecting a more moderate rate of home price appreciation this year, which means home prices will continue rising, but at a slower pace. That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, says:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
Are Home Prices Dropping in Your City and Price Range?
In other words, even with higher mortgage rates, moderating buyer demand, and more homes for sale, experts say home price appreciation will slow, but prices won’t decline.
Click ☝☝☝ and work through the 5 steps to see if home prices are dropping in your city. If you’re planning to buy a home, that means you shouldn’t wait for home prices to drop to make your purchase. Instead, buying today means you can get ahead of future price increases, and benefit from the rise in prices in the form of home equity.
Step #1 ~ Do You Homework to find the Best Lender and Program for You
💥 Important 💥 We’ve seen many changes lately with high mortgage rates and now lenders are designing special programs to help you and compete for your business… Great News!
✅ Do ~ Call around and check out and get quotes for rates and what type of programs different lenders have available. Give the lenders your FICA score to get quotes.
✅ Do ~Call around and check out and get quotes for rates and what type of programs different lenders have available. Give the lenders your FICA score to get quotes.
🛑 DON’T ~give out your Social Security Number as they will pull your credit. Wait until you select a lender and a program that works best for you then make an application. You are getting rough quotes for now based on the FICA score you obtained, it doesn’t have to be exact for now. You’re in the weeding-out phase of your search.
✅ DO ~ contact me with any question you may have via my cell at 248-343-2459
🙋♀️~ Not sure where to start? Get Your Do’s and Don’ts during the loan process. Below are lenders I’ve worked with in the past that offer amazing programs and options. You can also check with your Bank or Credit Union (Alpha order: not based on preference.)
First State Bank – Manny Nino – Loan Officer 📲 Cell: 586-945-5203
Flagstar Bank – Ray Cela – Loan Officer/VP Sale 📲 Cell: 248-238-1849
Keller Mortgage – MaryAnn O’Brian – Loan Officer 📲 Cell: 843-368-7163
Step #2 ~ Your 🔑 To Home Selling and Buying Success ~ Safe e-Guides
💥 Important 💥 Your Guides also have educational videos and links regarding where home prices are heading, mortgage rates, Housing Market Trends, and more.
Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process.
It also involves the most significant financial transaction you probably will make in your lifetime. Your Buying Guide…will walk you through tips, strategies, and how to understand the numbers to strengthen your negotiation power.
Your Selling Guide…It will help you work through the selling process using the latest in high-tech market tools, so you make MORE Money. Our goal is to separate your home from the competition, and keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home.
Step #3 💥Search Better Than a Realtor💥 on a Platform that was Designed by One.
Find Your ideal Home Here ~ Pre-loaded Home Search: Newly Listed ~ Coming Soon ~Luxury~ Waterfront ~ and More🤩
As a programmer, you now have direct access to the Multiple Listing Service so you can search BETTER than a Realtor. Better yet, you can customize your features, tech support and you can schedule an appointment right online.
Another huge feature you can modify and look for homes Coming Soon only, or view homes that have been on the market X number of days. Maybe a 1st floor primary bedroom or office is important. You can even search by lot features like Finished Basement ~ Golf Frontage ~ Water Frontage ~ Acreage ~ Large private treed lot ~ Cul-de-Sac and More.
Your options are endless because I programmed it that way. Don’t forget to create an account and save your favorites and you will receive updates on new listings or coming soon to your email inbox. You also have tech support via cell or online messenger. Let me know what I can do to help.
Bottom Line Will Home Prices Drop Moving into 2023
Home prices skyrocketed in recent years because there was more demand than supply. As the market shifts, experts aren’t forecasting a drop in prices, just a slowdown in the rate of price growth. To understand what’s happening with home prices in our area, let’s connect today.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know Your Local Home Prices and Trends by Ctiy and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If You Need To Sell 1st… I Recommend 🛑Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.