Do you want to know what’s in a housing market correction right now? The answer is no and I can tell you why? Take a look at this.
While the market is undergoing a shift, it’s certainly not going through a correction. That’s because there’s a significant difference between a correction and what we’re seeing today.
Forbes defines a correction as a decline of 10 to 20% in the value of a market index or price of an asset, but home prices are falling. They’re just rising at a slower.
Pace experts are still projecting over 8%. Appreciation for this year alone, well, that isn’t the same record-breaking appreciation. We saw last year it’s certainly not a decline of 10% or more. So don’t let the headlines fool you. If you have questions about the housing market or where we’re headed for the rest of the year, let’s connect. I can help answer those questions with data from our local market.
