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If you are waiting for prices to come down before you buy, you may want to reconsider…housing prices are on the rise.
You may have heard something in the news or on social media about a price crash on the horizon (yeah, the press likes drama).
As a result, you may be holding off on buying a home until prices drop. Well, you are not alone. 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 that’s not the best strategy.
Why? Because the data shows otherwise.
Nationally, 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.”
Additionally, the same holds true in our area. Prices are on the rise. Although there might be a slight price adjustment for a property that was overpriced to begin with, overall, that is not the case. We are seeing many multiple offer situations again in sought-after neighborhoods.
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. Experts predict housing prices are on the rise and return to more normal levels of appreciation after 2023, despite what the press says.
Bottom Line…
If you’re waiting to buy a home until prices come down, you may want to reconsider.
Work with an agent (hint, hint…me!) to make sure you understand what’s happening in your local housing market. Feel free to shoot me an email. I am happy to provide you with a free market analysis.
Always remember, I’m here for you!
Pamela Smith, REALTOR®
703-609-7267
© 2023 Pamela Smith
