Price Trends: What to Expect in 2023
Published on July 11, 2023 by Brian Burkett
Forbes Advisor is predicting that home prices are going to dip, however, there is a caveat: don’t expect it anytime soon and don’t expect it at the coast. Despite high mortgage rates, the market remains as competitive as ever thanks to strong demand coupled with tight inventory supply, due, in part, to those who purchased homes in recent years at record-low interest rates staying put. These and other factors form a perfect affordability crisis storm that continues to sideline many aspiring homeowners.
While home prices aren’t as high as the record prices of June 2022, data suggest that where home prices dip or climb this year remains heavily region-specific. While Coastal Properties are not expected to lower in the coming months, people are seeing that interior prices are falling nationwide an are trying to “wait it out” for prices to come down at the beach. We don’t expect that to happen this year at the Gulf Coast and cash buyers still have the primary hand in a competitive waterfront market.
“The Gulf Coast is still experiencing some of it’s best numbers due to its drivability for residents in the southeast, “reads a report in Rented.com. “This area is also ripe for opportunities to invest.”
Whatever brings you to the Forgotten Coast, we are glad you are here! And if you decide you want to stay, give us a call and one of our experienced, local agents will be able to guide you through the process. We have 35 agents in 4 offices throughout the region and we can find you the perfect Coastal property.
Sunniest Regards,
Preston Russ and Brian Burkett