As the housing market continues to change, you may be wondering where itll go from here. One factor youre probably thinking about is home prices, which have come down a bit since they peaked last June. And youve 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 onbuying a homeuntil prices drop significantly. But thats not the best strategy.
A recentsurveyfromZondashows53% of millennials are still renting right now because theyre waiting for home prices to come down. But heres 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 atCoreLogic,reports:
U.S. home prices rose by 0.8% in February . . . indicating thatprices in most markets have already bottomed out.
And the latest data fromBlack Knightshows the same shift. The graph belowcompareshome 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 shouldnt. Thedatashows prices are increasing in much of the country, not decreasing. And the latest data from theHome Price Expectation Surveyindicates 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.
Bottom Line
If youre waiting to buy a home until prices come down, you may want to reconsider. Connect with a Seven Gables Advisor to make sure you understand whats happening in our local housing market.
