Tuesday, April 25, 2023   /   by Va Marketing

Think Twice Before Waiting for Lower Home Prices

You might be wondering where the housing market will go from here as it undergoes further adjustment. Your consideration may include the fact that home prices have decreased somewhat since they peaked in last June. And it's possible that you've read or heard anything on social media or in the news about an impending price fall. You might be delaying your home purchase until the price drops dramatically as a result. But it's not the best course of action.

According to a new Zonda survey, 53% of millennials are currently renting as they wait for property prices to decrease. But here's the thing: according to the most current data, housing prices appear to have reached a bottom and are once again on the increase. 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.”

The same movement is also visible in the most recent Black Knight statistics. The graph below compares November's home price trends to February's:

So, should you continue to hold off on purchasing a home till the cost is lower? If you take into account what the professionals advise, you probably shouldn't. According to the data, costs are rising rather than falling across much of the nation. And according to the most recent data from the Home Price Expectation Survey, experts anticipate that after 2023, home prices would climb steadily and stabilize at more typical rates of appreciation. Working with a local real estate professional who can provide you with the most recent information and professional guidance is the best approach to understand how house values are changing in your community.

Bottom Line

You might want to think twice before waiting for prices to drop before purchasing a home. Let's talk to ensure that you are aware of the state of the housing market in our area.