Think Twice Before Waiting for Lower Home Prices
A recent survey 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: “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 home price trends in November to those in February:
As the housing market rapidly changes, many are wondering if they should continue waiting to buy a home until prices come down. However, if you’re seeking expert advice, the data suggests otherwise. Reports indicate that home prices are actually increasing in much of the country and projections show prices will steadily rise in the years to come. Don’t fret though – to better understand what home values are doing in your area, work with a local real estate professional who can offer the latest insights and expert guidance.
About Diane Casey Luong
As an award-winning, full-time Realtor®, Diane is a proven leader among Worcester MA real estate agents, fully committed to you and your property goals.
As a requested speaker, Diane educates audiences on topics such as the purchasing foreclosure properties, nuances of the real estate market from neighborhood to neighborhood, and understanding the ever-changing trends in the real estate industry.
A graduate of the Massachusetts Academy of Real Estate, Diane has brought her expertise in real estate to Worcester, MA, and its surrounding towns.
Diane Casey Luong
25 Union Street
Worcester, MA 01608