Think Twice Before Waiting for Lower Home Prices
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 buying a home until prices drop significantly. But that’s not the best strategy.
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 latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:
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 data shows prices are increasing in much of the country, not decreasing. And 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. 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.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.
Stay up to date on the latest real estate trends.
While much of the Bay Area is experiencing inventory issues, the vast majority of areas are seeing inventories begin to pile up. As we know, San Francisco has the oppo… Read more
Median sale prices in the East Bay have fallen for six months straight.
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Single-family home median sale prices rose by 4.42% on a year-over-year basis, while condo median sale prices rose by 10.52%. Additionally, the average single-family h… Read more
Single-family inventory levels are 20.05% higher on a year-over-year basis, and condo inventory levels are 13.15% higher.
Although many markets have seen a downtrend in pricing, San Francisco has remained incredibly resilient.
Although prices have been incredibly resilient in the East Bay, the future of this stability is very uncertain, as inventories have been growing at a tremendous rate.
Single-family homes continue to be a hot commodity, while condos continue to sit on the market.
Inventory levels are increasing drastically throughout the entire East Bay, with the area seeing over 40% more active listings than this time last year.
You’ve got questions and we can’t wait to answer them.