-What is happening with home prices today?

You're reading headlines that say "Prices are appreciating," but yet you're watching prices and everybody's taking price drops. So what's going on? So, let me just kind of talk about the definitions of price appreciation, price depreciation, and price deceleration.

Price appreciation, as we all know, is when a home's price increases. Price depreciation is when prices decrease. So deceleration is what we're experiencing right now. It's basically when prices are increasing but at a slower rate than they were appreciating. So hopefully we got that out of the way. Phew!

We're in a deceleration market. So listen, in March or April, we've been talking about 2022 being just the peak of the market. That's really where we were at the top of the market. And we still have some sellers who are still living off that March and April price. So they're listing their home at a very high price. And unfortunately, they're not getting those prices anymore. So that's why we're starting to see the prices drop.

Listen, there are some homes out there that are still selling fast. Those are the homes that are marketed well, staged well, priced right, and are getting multiple offers. But there are fewer of those, and there are still too many sellers out there who are still reaching for the sky, reaching for that March or April number.

Now, listen, to what the forecast is. Many experts, according to this graph, are still saying that we are going to see a 10% appreciation in prices. So, as you can see from the graph, March and April were the peaks to last year. 20 to 30% increase over last year. In July, we were down to 5%, and in August, we're about 8% overpriced compared to last year, which is why they're forecasting a 10% price appreciation from last year. Listen, it's still a great time. We have great buyers out there looking to buy. There aren't enough homes. So if you're willing to sell and you want to sell, now is a good time to sell. I hope this helps.