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
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:


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

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.

5 Tips For Homebuyers Who Want Their Offer Accepted In A Sellers Market

It’s important for a home buyer to know how to make an offer that will be competitive and accepted.

Florida Real Estate Tax Exemptions, What You Need To Know

As a service to our clients and followers, Sunny & Associates has put together a list of Florida’s Real Estate tax exemptions.

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.

Is It A Good Idea To Wait For Mortgage Rates To Drop?

Mortgage rates have increased significantly in recent weeks. And that may mean you have questions about what this means for you…

New Home Construction Types, Choices And What To Look For In 2022

Sunny & Associates Realty is very familiar with all varieties of new construction and will share our knowledge so you can understand the best home type to choose.

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.

Buyers Eyeing South Florida Should Consider Broward County for Good Returns on Investment

Offering quieter beaches and lower density than Miami and Palm Beach, Broward County is more appealing than ever to Northeasterners

Choosing A Home In South Florida? What You Need To Know

South Florida is one of the most desirable places to live in the US. With its sunny weather, beautiful beaches, and thriving cultural scene…

6 Reasons You’ll Win by Selling with a Real Estate Agent This Fall

There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today…


Top Rated Real Estate Broker

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