Think Twice Before Waiting for Lower Home Prices

<article class="post-671479 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-671479"><span class="entry-date">April 17, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Think Twice Before Waiting for Lower Home Prices</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Think+Twice+Before+Waiting+for+Lower+Home+Prices&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthink-twice-before-waiting-for-lower-home-prices%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Think Twice Before Waiting for Lower Home Prices Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230417-think-twice-before-waiting-for-lower-home-prices-KCM.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>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 <a href="https://www.simplifyingthemarket.com/2023/04/06/trying-to-buy-a-home-hang-in-there/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buying a home</a> until prices drop significantly. But that’s not the best strategy.</p>
<p>A recent <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">survey</a> from <em>Zonda</em> shows <strong>53% of millennials are still renting right now because they’re waiting for home prices to come down</strong>. 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 <em>CoreLogic</em>, <a href="https://www.corelogic.com/intelligence/us-home-price-insights-april-2023/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">reports</a>:</p>
<blockquote><p><em>“U.S. home prices rose by 0.8% in February . . . indicating that</em><strong><em> prices in most markets have already bottomed out</em></strong><em>.”</em></p></blockquote>
<p>And the latest data from <em>Black Knight</em> shows the same shift. The graph below <a href="https://www.blackknightinc.com/wp-content/uploads/2023/04/BKI_MM_FEB2023_Report.pdf" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">compares</a> home price trends in November to those in February:</p>
<p><a href="https://files.keepingcurrentmatters.com/content/images/20230414/20230417-home-prices-up-in-majority-of-country-KCM.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230414/20230417-home-prices-up-in-majority-of-country-KCM.png"/></a></p>
<p>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 <a href="https://pulsenomics.com/surveys/#home-price-expectations" rel="noopener noreferrer" target="_blank">data</a> shows prices are increasing in much of the country, not decreasing. And the latest data from the <em>Home Price Expectation Survey </em>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.</p>
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