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Housing Market Correction

Why It’s Not a Housing Market Correction

Hey, it’s Cristi McGowan with next time our town and I’m sitting outside to get my vitamin D in before it gets scorching hot today, but I’m also hearing a lot of concerns about the economy.  And what you really want to know is, if we’re in a housing market correction right now, the answer is no. And I can tell you why.

Take a look at this.

While the housing 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 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 aren’t falling. They’re just rising at a slower pace.

Positive Appreciation

Experts are still projecting over 8% home price appreciation this year. Now, 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. So don’t let the headlines fool you!

if you’ve got questions about the housing market or where we’re headed for the rest of this year, let’s connect because I can help answer those questions and have the data to back it up. Thanks so much for watching. Have a great day.

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