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Home Prices Won’t Drop Any Time Soon

The housing market is constantly changing. But one thing is for sure: homes are still selling at higher prices and receiving multiple offers – and home prices won’t be dropping any time soon. You’ve probably heard rumors that a price crash is on the horizon and as a result you may be holding off on purchasing a home until prices drop. But don’t hold your breath. In fact, according to Selma Hepp. Chief Economist at Corelogic, U.S. home prices actually rose by 0.8% in February.

But should you wait it out? No. And here’s why.

Looking at what the experts predict along with what the data shows, prices are increasing all over the country rather than decreasing. The most recent data from the IHome Price Expectation Survey indicates that experts are predicting that prices will continue to rise steadily before returning to more normal levels of appreciation after 2023.

Of course, each area is different and it’s always best to reach out to a trusted real estate agent who can make sure you understand specifically how your local housing market will affect you.

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