“Nancy is an amazing agent!. She went “above and beyond” to help us find the perfect home. She took the time to show us many houses. She was patient while we decided. She worked with and for us every step of the way. I recommend her to anyone looking to buy here. We moved from Connecticut and she educated us on the area so we were comfortable moving somewhere we had never been before.” Duncan Brown - Murrells Inlet, SC
Nancy Aborn Wuennemann
The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.
Local price trends still vary by market. Looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:
“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”
Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.
What Does This Mean for You?
If you currently own your house, you may be concerned about even the smallest decline in prices. Keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, shares:
“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”
It’s also important to remember that every local market is different. Call or message me for updates in your specific area.
Owning a home means having a place that is solely your own and provides the space, features, and location you and your loved ones need. But, what happens when your needs change? If this hits home for you, it may be time to make a move.
According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you have been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it does not have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your current home.
That’s actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets their needs. According to the same report from NAR, that’s consistent with this year’s top reasons for selling, which include:
If things in your life have changed, it may be time to make a move. And there’s good news: it’s still a great time to sell.
We are in a strong sellers’ market. That means homes listed at market value and in good condition are getting attention from buyers and selling quickly. Lean on me and let's talk about getting your house ready to sell.
Your equity can power your next move. There is a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that equity to help afford your next home.
In fact, NAR’s report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one.
Work with me to learn how much equity you have and what you can do with it in today’s housing market.
If your home no longer meets your needs, consider selling it so you can find your dream home.
Let’s connect so you can learn about your options.
1232-B Farrow Parkway
Myrtle Beach, SC 29577