April 19, 2023

Think Twice About Waiting for Home Prices to Come Down

Young woman sitting with coffee cup

As the housing market continues to change, you’re likely wondering where it will go from here. One factor you’re probably thinking about is home prices, which have come down nationally since they peaked last June. There’s also been a lot of chatter on the news and on social media about an imminent home price crash. As a result, you may be holding off on buying a home until prices drop significantly, but that’s not the best strategy.


To Rent or To Buy

A recent survey from Zonda shows 53% of millennials are renting now because they’re waiting for home prices to come down.[1] But the most recent data shows that home prices appear to have bottomed out across the country and are on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:


“U.S. home prices rose by 0.8% in February . . . indicating that most prices in most markets have already bottomed out.”[2]


Prices Climbing

The latest data from Black Knight shows the same shift. The graph below compares home price trends in November 2022 to those in February 2023:

Home Prices Up in Majority of Country Infographic

Should you keep waiting to buy until home prices come down? If you factor in what the experts are saying, then no, you probably shouldn’t.


The data shows prices are increasing in much of the country, not decreasing.[3] The latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023.


What to do next?

The best way to understand what the housing market in your area is doing is to review the housing market reports available to you on a regular basis. You can find monthly, county-wide reports in our NY Regional Coverage area at www.onekeymls.com/market-statistics. Review these numbers with a local real estate professional who can give you latest insights and expert advice, putting those numbers in context as it relates your personal situation.


Summary

If you’re waiting to buy a home until prices come down, you may want to reconsider. Despite the hype you may be hearing, data indicates that they may have already dropped to their lowest point. Speak with a Realtor to learn more about your financing options, down payment assistance programs, and what the most up-to-date market analysis shows for our local market.

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