{"id":8316,"date":"2022-12-12T06:00:38","date_gmt":"2022-12-12T11:00:38","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8316"},"modified":"2022-12-12T06:00:38","modified_gmt":"2022-12-12T11:00:38","slug":"what-every-seller-should-know-about-home-prices","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8316","title":{"rendered":"What Every Seller Should Know About Home Prices"},"content":{"rendered":"
\n

\"What<\/p>\n

If you\u2019re trying to decide whether or not to sell your house<\/a>, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home\u2019s value, here\u2019s what you really need to know.<\/span><\/p>\n

What\u2019s Really Happening with Home Prices?<\/strong><\/h4>\n

It\u2019s possible you\u2019ve seen news stories mentioning a drop in home values or home price depreciation, but it\u2019s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren\u2019t always great at is painting the full picture.<\/p>\n

While home prices are down slightly month-over-month in some markets, it\u2019s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data<\/a> from S&P Case-Shiller<\/em> to help tell the story of what\u2019s actually happening in the housing market<\/a> today:<\/p>\n

\"What<\/a><\/p>\n

As the graph shows, it\u2019s true home price<\/a> growth has moderated in recent months (shown in green<\/em>) as buyer demand has pulled back in response to higher mortgage rates<\/a>. This is what the headlines are drawing attention to today.<\/p>\n

But what\u2019s important to notice is the bigger, longer-term picture. While home price growth is moderating month-over-month, the percent of appreciation year-over-year is still well above the home price change we saw during more normal years in the market.<\/p>\n

The bars for January 2019 through mid-2020 show home price appreciation around 3-4% a year was more typical (see bars for January 2019 through mid-2020<\/em>). But even the latest data for this year shows prices have still climbed by roughly 10% over last year.<\/p>\n

What Does This Mean for Your Home\u2019s Equity?<\/strong><\/h4>\n

While you may not be able to capitalize on the 20% appreciation we saw in early 2022, in most markets your home\u2019s value, on average, is up 10% over last year \u2013 and a 10% gain is still dramatic compared to a more normal level of appreciation (3-4%).<\/p>\n

The big takeaway? Don\u2019t let the headlines get in the way of your plans to sell<\/a>. Over the past two years alone, you\u2019ve likely gained a substantial amount of equity<\/a> in your home as home prices climbed. Even though home price moderation<\/a> will vary by market moving forward, you can still use the boost your equity<\/a> got to help power your move.<\/p>\n

As Mark Fleming, Chief Economist at First American<\/em>, says<\/a>:<\/p>\n

\n

\u201c<\/em>Potential home sellers gained significant amounts of equity over the pandemic<\/em><\/strong>, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that they have gained<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

If you have questions about home prices or how much equity you have in your current home, let\u2019s connect so you have an expert\u2019s advice.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"WhatIf you\u2019re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home\u2019s value, here\u2019s what you really need to know. What\u2019s Really Happening with Home Prices? It\u2019s possible you\u2019ve seen news stories [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,85,86,133],"tags":[],"class_list":["post-8316","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-sellers","category-housing-market-updates","category-selling-myths"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8316"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8316\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}