Real Estate
Don’t let the headlines deceive you, your home still appreciated in value in 2023! Generally, every year your home increases in value, it’s part of what makes real estate such a popular investment. However, a look at the recent news headlines may have you thinking otherwise. We all know that headlines are meant to capture your attention, but making sure you understand the data in its entirety can have a huge impact on your decision on selling your house in today’s market.
What does appreciation actually mean?
Appreciation can be translated into a dollar amount, it is the gradual increase of your property’s value over time. Many researchers look at monthly and yearly appreciations to analyze the market over time. According to RedFin.com, “In December 2023, home prices in California were up 7.3% compared to last year.”
After everything that happened in 2020, the real estate market took quite the hit! Just like so many areas of life, the housing market became extremely volatile and unpredictable. One of the things that came out in early 2020 was the price of homes skyrocketed! Homes were selling for more than they were worth and it was difficult for many buyers to find a home that they could afford. This phenomenon set a recent precedent of what the real estate market should behave like.
What does this mean for the future of your home value?
However, recent years have been far from normal. There is typically a very steady and stable appreciation of home value year over year. What we saw in 2023 was a return to normal that some are trying to market as a drop in value. Don’t feel like you lost anything on your real estate investment in 2023!
If you have been needing to sell your home but have considered holding onto it since feeling you could lose money by selling in 2024, there is no need to wait! Connect with Eric and ASDM Homes to find out the kind of cash offer you could get for your home and end your wait as soon as possible!