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](https://www.simplifyingthemarket.com/2023/04/06/trying-to-buy-a-home-hang-in-there/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) until prices drop significantly. But that’s not the best strategy. A recent [survey](https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o) 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](https://www.corelogic.com/intelligence/us-home-price-insights-april-2023/): > _“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](https://www.blackknightinc.com/wp-content/uploads/2023/04/BKI_MM_FEB2023_Report.pdf) home price trends in November to those in February: [](https://i0.wp.com/cherylbowerrealestate.com/wp-content/uploads/2023/04/20230417-home-prices-up-in-majority-of-country-KCM.png?ssl=1) 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](https://pulsenomics.com/surveys/#home-price-expectations) 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. Posted in [First Time Home Buyers](https://cherylbowerrealestate.com/category/first-time-home-buyers/), [For Buyers](https://cherylbowerrealestate.com/category/for-buyers/), [Housing Market Updates](https://cherylbowerrealestate.com/category/housing-market-updates/), [Millennials](https://cherylbowerrealestate.com/category/millennials/), [Move-Up Buyers](https://cherylbowerrealestate.com/category/move-up-buyers/), [Pricing](https://cherylbowerrealestate.com/category/pricing/)