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The topic of home prices has been widely debated over the past year. Some have speculated that there would be a significant drop in prices, similar to what happened in 2008, which will NOT happen. While others have predicted a more stable market with slight appreciation or depreciation depending on the region. As we approach the spring real estate market, experts continue to forecast what will happen to home prices in the future.
In Gainesville, the average sale price of a home was $255K in February 2023, which represents an 18.3% increase from last year. The average sale price per square foot was $177, up 7.3% from the previous year. However, the number of homes sold in February 2023 was lower than in the previous year, with 112 homes sold compared to 168.
If you’re considering making a move, here are three compelling reasons to buy a home:
- Buying a home can help you escape the cycle of rising rents. In recent decades, median rent prices have consistently increased, making it more challenging to save money and build long-term financial stability.
- Homeownership is an excellent hedge against inflation. When you buy a home with a fixed-rate mortgage, your housing payment remains stable, protecting you from unexpected rent increases that can occur over time.
- Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is significantly higher than that of a renter.
While experts are forecasting slight price depreciation in the housing market this year, followed by steady appreciation, the decision to purchase a home should be made with all the facts and guidance from an expert.
If you’re considering buying a home in Gainesville, reach out to Daurine Wehbe with Coldwell Banker M.M. Parrish. Daurine is an experienced and successful real estate agent who has won numerous awards for her performance, and she is committed to making your home buying or selling experience a positive one. She will help you navigate the real estate market and make informed decisions every step of the way.
Learn More! or call (352) 562-1411