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.