As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:
“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”
And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:
So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.
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The information provided by the calculators on our websites is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Roxford Holdings Inc is a Equal Housing Lender. All programs, terms, rates and conditions are subject to change without notice. Business services and products do not originate from HUD, FHA, the Government of the United States or any Federal State or local Government Agency. Licensed by the California Bureau of Real Estate, CA DRE Lic# 02084556 NMLS Lic# 1843021 This is not a commitment to lend. Restrictions may apply. All rights are reserved. Some products may not be available at the time of application. Please refer to the information posted in this page or refer to www.nmlsconsumeraccess.org to see where Roxford Holdings Inc (NMLS#1843021) is a licensed lender and servicer.