Waiting To Buy A Home Until Prices Come Down? The Experts Say That You Probably Shouldn’t

Joseph Jennings | Broker, ABR, PPM, CAM Tag: Home Prices – Buyers
waiting-to-buy-a-home-until-prices-come-down-1
Published: April. 19, 2023 | Source: Keeping matters current

Waiting to buy a home until prices come down? The experts say that you probably shouldn’t.

As the housing market continues to evolve, many people are wondering where it will go next. One of the biggest factors on people’s minds is home prices, which have come down slightly since peaking in June of last year. You may have seen news or social media posts predicting a price crash on the horizon, and as a result, you may be holding off on buying a home until prices drop significantly. But is that the best strategy?

According to recent data, it may not be. A survey from Zonda found that 53% of millennials are still renting because they are waiting for home prices to come down. However, the latest data shows that home prices appear to have bottomed out and are 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.”

This shift is also supported by data from Black Knight, which shows that home prices are increasing in much of the country.

Comparing home price trends in November to those in February, the graph below from Black Knight demonstrates this increase. The graph below compares home price trends in November to those in February:

waiting-to-buy-a-home-until-prices-come-down

So, should you keep waiting to buy a home until prices come down?

The experts say that you probably shouldn’t. According to the Home Price Expectation Survey data, experts project that 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 like Joe Jennings, Broker for Sunny & Associates Realty of Florida. Joe can provide you with the latest insights and expert advice. Joe Jennings will help you understand what’s happening in your local housing market and give you guidance on when to buy.

In conclusion

In conclusion, if you’re waiting to buy a home until prices come down, it may be time to reconsider. With home prices on the rise again and projected to continue increasing in the future, it’s important to work with a real estate professional, like Joe Jennings, Broker for Sunny & Associates Realty of Florida to understand the market and make an informed decision about when to buy. Don’t let waiting too long result in missing out on your dream home. Reach out to Joe Jennings today.

Joe Jennings Broker for Sunny & Associates Realty

The Key To “Building Wealth Through Real Estate” Is Homeownership

The link between financial security or “Building Wealth Through Real Estate” and homeownership is especially important as inflation rises.

Tips For Selling Your Home in a Seller’s Market in an Association or HOA

Thinking of Selling Your Home or Condo? What you need to know for HOA’s or Community Associations for Selling Your Home in a Seller’s Market.

Empowering Sellers: Offering Choices On How You Pay Commissions And List Your Home For Sale

Considering selling your home? We recognize the significance of providing sellers with proven options while listing your home for sale.

Mortgage Rates After FED Hikes By 0.75% What This Means For Future Rates

As expected, The Federal Reserve announced a rate hike of 0.75%. But don’t think that the FED rate hikes will move mortgage rates higher.

Rentvesting: A Possible Real Estate Investment Solution For Millennials

It’s no secret that millennials aren’t buying homes at the same pace as previous generations. Rentvesting: A Possible Real Estate…

Home Buyers will have Greater Negotiating Power in 2023

This less competition comes more opportunity. Here are two trends that may be news to Home Buyers Negotiating Power in 2023…

Former Steelers Quarterback Michael Vick Lists his South Florida Home in Plantation

Former Pittsburgh Steelers quarterback Michael Vick has put his South Florida home on the market for just under $2.4 million.

Why Investing In Yearly Rental Homes Long Term vs Short Term Has Its Advantages

Owning a rental property that rents out on a yearly basis versus a short-term rental property offers several benefits

Selling a Home in Today’s Market, what you need to know

Worried about the housing market cooling and home buyer demand moderating? Selling a home in Today’s Market, what you need to know.

Unveiling the Tax Benefits of Real Estate Investing

Top 6 Breaks and Tax Deductions with Joe Jennings, Your Expert in Real Estate Investment Strategies.

sunny-associates-best-rated-realtor-broker-plantation-fl-joe-jennings-1-b

Top Rated Real Estate Broker

Real Estate Markets:Tallahassee, Plantation, Davie, Cooper City, Pembroke Pines, Weston, Sunrise, Fort Lauderdale, Boca Raton, Port St. Lucie and Vero Beach Florida.