Are you thinking of selling your home in the next few months? Or perhaps you’re in the market to buy?
Here’s a look at where home prices might be headed as we move into the new year.
Things may be slowing down a little, but experts do not expect home prices to drop.
The housing market will be transitioning from “white hot” to just “red hot,” according to forecasters at Zillow, an online real estate marketplace.
More homes are now coming onto the market, and that could reduce the number of over-list offers and bidding wars.
But don’t think that means prices are likely to fall, experts say.
Over the next 12 months, Zillow forecasts an 11.7% appreciation in U.S. home values, making this still very much a seller’s market.
The bottom line? Housing demand far exceeds supply, as millennials are now in their prime home buying years and there just aren’t enough homes available. For that reason, expect the real estate market to stay competitive with prices continuing to advance.