Home price appreciation and depreciation are good and bad words. Let's define appreciation, appreciation is when home prices increase and depreciation is when home prices decrease. Deceleration is when home prices continue to appreciate, however at a much slower pace. Click here to see more on home price depreciation /HOME-PRICE-DEPRECIATION---32819---32836---Dr-Phillips-6-22735.html
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Since the pandemic started, home values appreciated and did not slow down for 2.5 years and home values nearly doubled. Many refinanced while interest rates were low in this two year period. Since the interest rates increased in June and July 2022, the housing market has slowed down significantly. To this day the Fed's are still trying to figure out on how to tame the housing market.
What is happening now as of August 2022, the to interest rate hikes decelerated the home appreciation. Sellers are finding that homes are taking longer to sell.
Nationwide the appreciation in 2021 exceeded 6% compared to 2022. Also this was greater than the pre-pandemic norm which typically about 3.8%. This goes to show in 2021 was an anomaly in the housing market spurred by more buyers than homes for sale. This year 2022 home prices started to decelerate right after the June/July 2022 interest rate spike well over the past two years. the current forecast reports on average and nation wide home process will still appreciate almost 10% in 2022. Many may say why? The current housing supply is growing as well as new construction because this gives the builder time complete more homes as their inventory grows. In general look for prices continue to moderately increase in some parts of the nation. Home prices has steadily increased through November 2022. So keep in mind you need a trusted advisor that stays on the housing market to help you make an informed decision. We as realtors must control the narrative to the public.
Even though home price appreciation has leveled out this year, home values have still increased within the recent years The percent Change in homes prices map display a warm visual chart over a five year period. Looking at the percentage change in home prices, you will home prices gained on an average 64 percent nationwide in this window. Remember this varies by demographic and experts report 2023 are expected to appreciate at a much slower pace. Renting is almost no option and forcing renter's to clean up credit and save money.
Don't let this shifting housing market destroy your dreams. with 18 years of selling homes and if you are ready to start your journey to homeownership, feel free to reach out to me today.
Currently August 30th 2022 in the MLS as charts depicts, Dr Phillips located within the Disney area has 92 homes on the market and average days on the market reported in April, May and June were averaged six days on the market priced between 385k and 399k. July reported 14 days on the market priced at 379k. January 2022 reported and average 15 days on the market reported. April 2021 averaged 25 days on the market and as we migrated deeper into the pandemic stages days on the market reported from 16 to 6 days. If you are deciding to make a move, don't expect a drastic price drop, but just at a moderate pace if any. Builders are offering more incentives on new construction homes. Stay connected and contact your trusted advisor and professional realtor Kevin Strawter today at 850 496-6412. Serving Dr Phillips and Central Florida. Click here to know more about me /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html