Think Again Before Waiting on Lower Home Prices

As the housing market evolves, you may be curious about where it’s headed. One factor that may concern you is home prices, which have slightly decreased since their peak in June of last year. You may have also heard rumors of an upcoming price crash in the news or on social media. As a result, you may be holding off on purchasing a home until prices drop significantly. However, this may not be the best approach.

According to a recent Zonda survey, 53% of millennials are still renting because they are waiting for home prices to come down. However, recent data shows that home prices seem to have hit bottom and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports that “U.S. home prices rose by 0.8% in February, indicating that prices in most markets have already bottomed out.” Similarly, the most recent data from Black Knight demonstrates the same trend, comparing home price trends in November to those in February.

So, should you continue waiting to buy a home until prices come down? Based on what the experts are saying, you shouldn’t. The data indicates that prices are increasing in much of the country, not decreasing. Additionally, the Home Price Expectation Survey’s latest data shows that experts expect home prices to rise steadily and return to more typical levels of appreciation after 2023. To understand what home values are doing in your area, you should consult a local real estate expert who can provide you with the most up-to-date information and expert advice.

In Conclusion

If you’re holding off on buying a home until prices drop, you should reconsider. Connect with a local expert to stay informed about what’s happening in your housing market.