Logo
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.

Young couple sitting in-front of open laptop

You may be interested in:

A magnifying glass , pen , and a model house are on a wooden table representing a chart.
March 28, 2025
The Market Outlook from the REALTORS® Confidence Index for sellers increased compared to last month.
A homeowners association document is sitting on a wooden table next to a pen and a book.
March 28, 2025
In many housing markets, homeowners associations (HOAs) and other community associations can be a part of the homebuying (and owning) experience. Here’s what prospective buyers should know:
A woman is kneeling down in front of a house holding a sign that says home for sale.
March 28, 2025
Once you decide to sell your home, your agent will work with you to determine the best strategy to reach potential buyers and attract strong offers. Here are some considerations when marketing your home:
A wooden house with the words property tax written on it
March 28, 2025
Wherever you buy a home in the United States, property taxes are a reality of homeownership. An agent who is a REALTOR® can help connect you with a tax expert in your area, but here are the basics:
A man is holding a sold sign in front of a house.
March 28, 2025
When your home is on the market, you may receive offers from multiple interested buyers. Offers can vary greatly, and you will need to determine which one is best for you. Here's what sellers should know:
A cardboard box with the words moving day written on it
April 1, 2024
As spring approaches, many homeowners gearing up to sell their homes face the daunting task of moving. However, with some innovative strategies and the right supplies, you can make the process smoother and more efficient. Here are five tips tailored specifically for home sellers embarking on a spring move:
A magnifying glass is sitting on top of a table next to two small houses.
April 1, 2024
As spring approaches and the real estate market begins to bloom, homeowners gearing up to sell their homes are undoubtedly eager to secure the best offer possible. The key to achieving this lies in understanding how real estate agents value properties and determine listing prices. Here's a glimpse into the process:
A family stands in front of a house for sale sign
April 1, 2024
Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re saving for the down payment for your new home, don’t forget you’ll need to prepare for closing costs too.
a boy is sitting on a man 's shoulders looking at a house.
March 19, 2024
As the spring market approaches, prospective home sellers are gearing up to showcase their properties in the best possible light. One of the most crucial aspects of attracting potential buyers is curb appeal – the first impression your home makes from the street. Here's your comprehensive guide to preparing your home for the spring market and maximizing its curb appeal:
Show More
Share by: