Timing the Real Estate Market

You might wonder where the housing market will go from here as it undergoes further adjustment. Your consideration may include that home prices have decreased since they peaked last June. And you've read or heard anything about an impending price fall on social media or in the news. You might be delaying your home purchase until the price drops dramatically. But there are better courses of action.

According to a new Zonda survey, 53% of millennials rent as they wait for property prices to decrease. But here's the thing: according to the most current data, housing prices have reached a bottom and are again on the increase. CoreLogic's Chief Economist, Selma Hepp, reports:

“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”

Should you continue to hold off on purchasing a home till the cost is lower? If you consider what the professionals advise, you probably shouldn't. According to the data, costs are rising rather than falling across much of the nation. And according to the most recent data from the Home Price Expectation Survey, experts anticipate that after 2023, home prices will climb steadily and stabilize at more typical rates of appreciation.