Why experts expect price appreciation:
- Low unemployment
- Lender standards are strict
- Foreclosure activity is extremely low, still dropping, less than half of a rate that concerns experts. The rate was 14% during the Great Recession, today it is 0.4% of homeowners were facing possible foreclosure in the 2nd quarter of 2022. 91% of those had at least some equity built up in their homes.
- Inventory is still extremely low, up 27% in this country vs. the same week in 2021, but inventory is down 42.8% vs. the same week in 2019.
- 81% of 1st-time homebuyers last year were Millennials. 45% of all home sales were Millennials. They are in their peak homebuying years.