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, 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.