Consider Your Options Before Waiting for Lower Home Prices

You may be wondering where the housing market will go from here as it continues to evolve. You're presumably thinking about property prices, which have fallen somewhat since they peaked last June. And you've probably heard something about a price crash on the horizon in the news or on social media. As a result, you may be delaying your house purchase until prices fall dramatically. However, this is not the greatest technique.

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 most recent Black Knight data reveals the same change. The graph below compares November property price trends to those in February:

So, should you hold off on purchasing a property till prices fall? If you consider what the experts say, you probably shouldn't. According to the statistics, prices are rising rather than falling across much of the country. According to the most recent Home Price Expectation Survey data, experts predict that home prices will grow slowly and revert to more typical levels of appreciation after 2023. Working with a local real estate agent who can provide you with the most up-to-date information and expert advice is the best approach to understand what house values are doing in your region.

Bottom Line

If you're waiting for prices to fall before buying a property, you might want to reconsider. Work with a real estate agent to ensure you grasp what's going on in your local home market.