Think Twice Before Waiting For House Prices To Fall
The housing market continues to change, and you may be wondering where it’s headed. One of the factors you’re probably thinking of is house prices, which last year peaked in June and have fallen slightly. You’ve probably also heard on the news and on social media that a price drop is imminent. As a result, you can wait until prices drop significantly before buying a home. But it’s not the best strategy. According to a recent Zonda survey, 53% of millennials are still renting because they’re waiting for home prices to drop. But here’s the problem:
According to recent data, house prices appear to have bottomed out and are now rising again. CoreLogic chief economist Thelma Hepp 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 wait until prices drop before buying a home? Given what the experts say, you probably shouldn’t. Data show that prices are rising, not falling, in many parts of the country. And according to the latest data from the House Price Outlook Survey, experts expect house prices to rise steadily and return to normal levels after 2023. The best way to understand what home values are like in your area is to work with a local real estate expert who can provide you with the latest insights and expert advice.
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MAY 2, 2023