Are you looking to buy a home but holding off until prices drop significantly? You may want to reconsider. While home prices have come down a bit since peaking last June, recent data suggests they have already bottomed out and are now on the rise again. Waiting for a significant price drop may not be the best strategy. Experts project home prices will continue to rise steadily and return to more normal levels of appreciation after 2023. Connect with a local real estate professional to understand what’s happening in your area’s housing market.
A recent survey from Zonda shows 53% of millennials are still renting because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices have bottomed out and are now rising 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.”
And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:
Based on the expert analysis, waiting for home prices to drop may not be the best strategy. The data indicates that prices are increasing in many areas, and the Home Price Expectation Survey predicts a steady rise and return to normal levels of appreciation after 2023. To get the latest insights and expert advice on your area’s current state of home values, it’s best to work with a local real estate professional.
Bottom Line
It may be time to reconsider if you’re waiting to buy a home until prices come down. Let’s connect so I can provide you with the latest information on our local housing market and ensure that you make an informed decision.