As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now 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.”
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 keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project 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 who can give you the latest insights and expert advice.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.
Selling a house is a significant life event, and getting the best possible price is a top priority. While location plays a major role, the condition and presentation o… Read more
Recipes
From Nelida's Kitchen (Cocina)
As we celebrate Homeownership Month in June, it's important to recognize how owning a home can positively impact not only ourselves but also our furry friends. For pet… Read more
seniors
As older adults age, their need for home care may become greater. Many adult children of aging parents face pressure to take on a caregiver role as their loved one app… Read more
With spring just around the corner, it's fun to start thinking about how you might revitalize your garden once the winter blues have been blown away.
Facing a flooded home can be a daunting experience, but knowing what steps to take can help minimize damage and expedite recovery. Whether it's caused by heavy rains, … Read more
As we brace ourselves for the rainy season, it's essential to equip ourselves with the knowledge and tools needed to navigate through the downpours. With days of rain … Read more
Living in the beautiful region of Southern California comes with its perks—sunny weather, stunning landscapes, and a unique lifestyle. However, maintaining your home i… Read more
Your family is growing, and so are your needs when it comes to finding the perfect home. Whether you're expecting your first child or adding to your brood, finding a s… Read more
Providing clients with ultimate bespoke representation, customized marketing strategy, and a culture built on service. Excelling in exceeding expectations for buyers and sellers.