If in this new year 2023, you are thinking of selling or buying a property, it is likely that you want to find out how property prices are currently, we will be addressing this important issue with the opinion of expert economists and thus be able to provide better advice.
Speaking simply and more specifically as in Puerto Rico and the United States, experts point out that they do not expect prices to collapse, but the moderation in property prices will depend on each supply or demand in each local market, this means that in the future the value of the property will continue to have variations depending on the location with relevant changes in the most sought after areas.
It is important to mention that Daniel Help Chief Economist of Realtor.com points out that: “the sky-high prices were raised by the lowest mortgage rates of all time.” Home prices are also expected to slow down and fall below their pre-pandemic average to 5.4% by 2023 on a regular basis.
On the other hand, Mark Fleming Economist and Chief of First American indicates that: “home price appreciation has slowed in the 50 markets we track, but the slowdown is more dramatic in the areas that experienced the highest rates of appreciation with a lot of strength and that went up in price”.
It should be noted that Taylor Mark Deputy Head of RealFirts mentions that: “for those people who are anxiously awaiting the fall in housing prices, they will have to continue waiting as much as demand is pushing back supply, it is also reducing the pressure on the decrease in sales prices in the short term.
Emphasizing all the testimonials from economists, in Puerto Rico it can be observed that several areas have been adjusting in price, while others have not reduced significantly, each market has its differences, the cost of the property you are looking for goes to change depending on certain factors such as the location, the offer, the last sales of the place, the benefits that the property has, among other points that will raise the price of the property that you are looking for or want to sell.
Finally, the best way to answer all the questions that arise in this regard is to seek the support of a Real Estate broker, preferably from your local market. This professional will be able to explain the latest trends in your special market so that you can take the better decision and be clearly informed of this entire process, whether it is buying or selling your home.