Don’t Believe Everything You Read About Home Prices

Recent Fannie Mae data reveals that 23% of Americans anticipate a decline in home prices over the next year. What’s behind this belief shared by about one in every four people?

Much of this sentiment can be traced back to pervasive pessimism surrounding home prices throughout the past year. Media reports since late 2022 have stoked fears of a market crash, and these anxieties persist. It’s common to hear concerns about falling home prices from people around you or to encounter such predictions from influencers on social media.

If you’re among those who expect a drop in home prices, consider your sources: Are sensational headlines and social media posts more reliable than insights from housing market experts?

The answer is clear: Trust the professionals in residential real estate.

Here’s the latest, trustworthy data. While there was a minor dip in home prices late last year, it was a brief occurrence. Current data indicates a rebound in prices this year following the modest decline in 2022 (refer to the accompanying graph):

Moreover, it’s not just Fannie Mae observing this recovery. Industry-wide data corroborates this trend. Consequently, many current forecasts predict a net gain in home prices this year, as illustrated in the graph below:

Interestingly, Fannie Mae recently revised its 2023 home price appreciation forecast from 3.9% to 6.7%, reflecting growing confidence among experts that home prices will indeed experience a net increase this year.

If you’re under the impression that home prices are falling, it might be time to realign your sources and listen to the experts, who assert that prices are, in fact, rising.

Bottom Line

The past year has seen a proliferation of misleading narratives about home prices, impacting public perception of the housing market. However, it’s crucial to approach such information with skepticism.

For reliable insights, consult the real estate professionals at Countryside Homes NJ and RE/MAX Select. Our data indicates a resurgence in home prices, projecting a positive trend for the year. If you have questions about local market trends, feel free to reach out for a discussion.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!