
If in this new year 2023, you are thinking of selling or buying a property, it is likely that you will want to find out how property prices are currently. We will be addressing this important topic with the opinion of expert economists in order to provide you with better advice.
Speaking simply and more specifically as in Puerto Rico and the United States, experts say that they do not expect prices to plummet, 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 very high prices were elevated by the lowest mortgage rates of all times”. Home prices are also expected to slow and fall below their pre-pandemic average to 5.4% by 2023 on a frequent basis.
On the other hand, Mark Fleming, First American’s Chief Economist, notes, “Home price appreciation has slowed in all 50 markets we track, but the deceleration is most dramatic in areas that experienced peak appreciation rates very strongly and that rose in price.”
It is worth noting that Taylor Mark, Deputy Head of Real Firts mentions that: “for those people who are anxiously awaiting the fall in housing prices, they will have to keep waiting as much as demand is pushing back supply, it is also reducing the downward pressure on sales prices in the short term”.
Emphasizing all the economists’ testimonies, in Puerto Rico it can be observed that several areas have been adjusting in price, while others have not reduced notably. Each market has its differences, the cost of the property you are looking for will change depending on certain factors such as location, supply, the last sales of the place, the benefits that the property has, among other points that will raise the price of the property you are looking for or want to sell.
The best way to answer all the doubts that may 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 expose you to the latest trends in your market so that you can make the best decision and be informed of the whole process in a clear way, whether you are buying or selling your home.