As the housing market experiences fluctuations, you may be curious about what the future holds. You may have heard talk of a potential crash in home prices and decided to wait for a significant drop before buying a home. However, that may not be the best strategy to follow.
According to a recent survey by Zonda, 53% of millennials are currently renting and waiting for home prices to come down. However, the most recent data suggests that home prices have already bottomed out and are now beginning to rise again. In February, US home prices rose by 0.8%, which indicates that prices in most markets have already bottomed out. Selma Hepp, Chief Economist at CoreLogic, confirms this by stating that prices are on the rise.
Black Knight’s latest data supports this conclusion, as the graph below shows a comparison of home price trends in November versus February:
So, should you continue to wait for prices to drop before buying a home? The data suggests that this may not be the best course of action. Instead, working with a local real estate professional who can give you the latest insights and expert advice can help you understand what home values are doing in your area. According to the Home Price Expectation Survey, experts predict that home prices will steadily rise and return to more normal levels of appreciation after 2023.
Bottom Line: If you’re waiting for home prices to drop before buying, it may be time to reconsider. Let’s connect so that you can get the latest insights and expert advice to understand what’s happening in your local housing market.
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