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.
From diagnosis to YouTube stardom, meet the inspirational six-year-old championing food allergy awareness and community support
Recipes
Discover how to create mouth-watering Pozole Rojo inspired by Disney California Adventure Park! Perfect for Orange County locals
Recipes
Savor the Magic of Carnation Cafe with Loaded Baked Potato Soup: A Disney-Inspired Dinner Adventure!
Take care of yourself this holiday season with these compassionate tips from the Trauma Intervention Program (TIP)
Tips and Tricks for a Joyful and Safe Gathering
Recipes
As a retired Disney Sales Executive with nearly a decade of magical experience, I’ve been the go-to Disney resource for family and friends, even since I bid farewell t… Read more
Are you or a loved one dealing with the aftermath of a reverse mortgage? Read more
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)
Providing clients with ultimate bespoke representation, customized marketing strategy, and a culture built on service. Excelling in exceeding expectations for buyers and sellers.