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Hey there, sports fans! Bill Graves from the Graves Group here to give you the real estate halftime report. Just like a new football season kicks off, let's dive into the real estate season and take a closer look at the first half of 2023.
I know, I know, charts may not be as exciting as touchdowns, but bear with me. We've all been celebrating soaring home prices as sellers, but did you know that in 2022, prices actually dipped by about 6% compared to 2020? Not a major crash, but it's worth noting. However, here's the game plan: experts are forecasting a comeback, with prices potentially rising by 6% to 7% in the second half of our real estate game. Zillow and other industry folks agree, attributing this to the ongoing inventory shortage.
"If you're considering a real estate move, it's halftime, and it's time to strategize."
Now, what about our friend, interest rates? Remember the wild fluctuations last year, ranging from 3.5% to 6%? Well, this year, we've seen rates hovering around 7%, but here's the kicker: predictions suggest they might drop to about 5.5% in the second half of our game. That's the good news.
The real takeaway? While interest rates could ease up, home prices are expected to continue their upward trajectory. So, if you're considering a real estate move, it's halftime, and it's time to strategize. Give me a call, and let's draft a winning game plan for your real estate goals. Don't miss the second half; it could be a game-changer!