Think Twice About Waiting For Lower Home Prices To Come

The real estate housing market continues to change gears this year leaving many to wonder what will happen next. Gone are the times of historically low home loan rates which only powered the bidding wars that were occurring on most any property for sale. Today rates have shot up which has called for a slower pace for home sales perhaps giving buyers a bit more time to negotiate the right deal with less competition. The big question these days is what should we expect in the way of trends for home prices?

There has been a lot of rumbling about a potential dip in prices since home prices peaked last year in June. Many buyers have been trying to figure out if they should be holding off on a home purchase as a result. A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. However, more recent data is showing that home prices have already bottomed out and are now on the rise again. Recent data from Black Knight shows home price trends in November of 2022 compared to February of 2023. The study shows that 96% of home prices had decreased during the month of November where 78% of home prices went up in February of 2023.

This report will make you think twice about holding off as signs are showing that prices are now increasing as opposed to decreasing. Other experts and studies including the Home Price Expectation Survey forecast that prices will increase steadily and return back to more of a normal pace of appreciation after 2023. 

Each market performs in its own way and there will be subtle differences within every area. The best way for you to understand the trends in your market or area of interest is to rely on a professional real estate agent like myself to help you with the best insight and guidance.