Do Not Wait for Home Prices to Drop.
You may be wondering what the future holds for the housing market. You may be thinking about home prices which have dropped a little since their peak in June last year. You’ve probably heard in the media or on social networks about a possible price crash. You may be waiting to buy a home until the prices are significantly lower. A recent Zonda survey shows that 53% of millennials still rent because they are waiting for home prices drop. The latest data shows that home values have bottomed and are now on a rise. Selma Hepp is the Chief economist at CoreLogic and reports: “U.S. Home prices increased by 0.8% in the month of February. . . The graph below compares home price trends in November to those in February: The graph below compares the home price trends from November to February:So, should wait to buy a house until prices drop? You probably shouldn’t if you consider what experts say. The data shows that prices are rising in many parts of the country and not decreasing. The latest data from the Home Price Expectation Survey shows that experts predict home prices will continue to rise and return to normal levels of appreciation by 2023. It is best to consult a local real-estate professional to get the latest information and expert advice. Bottom LineIf you are waiting for prices to drop before buying a home, you might want to reconsider. You should work with an agent to ensure you know what’s going on in your local housing markets.
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