Home Prices could fall by 30% in 2023 as the Housing Crash gets worse. Particularly in hard-hit cities such as Phoenix, Austin, and San Francisco, where home prices are already down 10-15%.
It's important for Homebuyers to remember that the US Housing Market is still in the biggest bubble ever entering 2023. The ratio of Home Prices to Income is the highest on record. Even higher than before the 2008 Housing Crash.
That means that homebuyers in America are priced out. They can't afford the downpayments or mortgage payments. Which is the demand to buy houses is currently sitting at the lowest level in a decade. That record-low buyer demand is the sign of the first stage of the Housing Crash.
The second stage will include much bigger declines in prices. In cities such as Charlotte, Tampa, and Dallas, where home prices are 30% overvalued, we could see sellers cut the price substantially in 2023. Same in metros such as Miami and Las Vegas.
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