Here’s why some experts got the state of our housing market wrong.
No matter where you get your news, you’ve likely heard someone predict a decline in home prices this year. Negative news tends to spread quickly. However, the reality is that prices did not crash. I can back this up with data. But don’t just take my word for it.
Let’s examine the facts. Even experts admit they made incorrect forecasts. The chart at 0:25 in the video illustrates seven expert organizations’ 2023 year-end home price forecasts. It includes both their initial 2023 predictions from late last year and the most recent revisions, available here. When I analyze it, I notice that all their initial forecasts predicted price drops, represented in red.
However, that’s because none of them anticipate price declines anymore. They all predict that by year-end, prices will remain stable or show positive growth. This is a significant change, indicating that prices were more resilient than originally expected.
This is great news for homeowners. In Louisville and southern Indiana, the results are mixed. Many areas meet or even exceed national projections. However, some lag slightly due to location. I can help you stay ahead of the next wave of negative headlines, which is inevitable. Let’s dispel the fear before it takes hold.
I also have the latest information on prices right here in Louisville and southern Indiana. So, let’s connect. To get in touch, call my cell phone at 502-376-5483 or visit www.BobSellsLouisville.com. Fill out the information, and it will reach me at the same number, 502-376-5483.