Think Twice Before Delaying Home Purchase in Hopes of Lower Prices

As the housing market shifts, with home prices having dipped since peaking last June, you may be pondering where it's headed. You might have heard about a looming price crash in the news or on social media, leading you to postpone buying a home in hopes of significant price drops. However, recent data suggests that home prices may have already hit their lowest point and are now on the rise. For example, Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices increased by 0.8% in February, indicating that prices in most markets may have bottomed out. Black Knight's latest data also reflects a similar trend. The graph below compares home price trends in November to those in February:

So, is it wise to continue waiting for home prices to come down? Considering what the experts are saying, probably not. Data shows that prices are increasing in many parts of the country, rather than decreasing. Furthermore, the Home Price Expectation Survey projects that home prices will rise steadily and return to more typical levels of appreciation after 2023. To gain a comprehensive understanding of home values in your area, it's advisable to work with a local real estate professional who can provide you with up-to-date insights and expert advice.

If you've been holding off on buying a home in anticipation of lower prices, it may be worthwhile to reconsider. Collaborate with a real estate agent to stay informed about your local housing market and make informed decisions.