Is Our Market Going Through a Correction?
Experts all agree that our market is not actually undergoing a correction.
Are we experiencing a housing market correction right now? The answer is no, and I can tell you why.
Although the market is undergoing a shift, it's certainly not going through a correction. There's a significant difference between a correction and what we're seeing today. Forbes defines a correction as a 10% to 20% decline in the value of a market index or price of an asset. However, home prices aren't falling; they're just rising at a slower pace than before.
Experts are still projecting over 8% home price appreciation this year. While that isn't the same as the record-breaking home price appreciation we saw last year, it's certainly not a decline of 10% or more. Don't let the headlines fool you.
If you have any questions about the housing market or where it’s headed, let's connect. Reach out to me by phone or email. I can give you answers with the data to back them up.