Guesses of the percentage change in the 2023 national home pricing from today’s free WSJ article:
Fannie Mae: -1.5%
Goldman Sachs: -7.5%
Ivy Zelman: -12% (peak-to-trough in late 2024)
John Burns: -20% (peak-to-trough in late 2024)
The article doesn’t cover any new ground because nobody wants to commit to how this plays out.
But I’ll give you my opinion.
Prices will keep declining until realtors tell their sellers that they need to sell in the first week or two on the market, or get lowballed. To do so, they need to make their home look spectacular, price it attractively, and make it easy to show. To really improve your chances, offer a competitive commission rate to buyer-agents. Then the realtor needs to employ terrific salesmanship, and find a qualified buyer quickly.
It’s that simple!