🏡 In some ways, smaller homes are already here. When the pandemic hit, the meaning of home changed. People needed the space their...
HOME VALUE REQUEST
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As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
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:
So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.
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If you live here already, you know how blessed we are. If you’re considering living or investing here, you’ve probably experienced some of the area’s extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you’ve arrived at the right spot. Whether you’re looking to buy your first home – or to sell an estate – expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals.
Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.
-Jason & Amanda
Steve Cohn is an excellent realtor. When my wife and I were buying our first home he was eager to help. He knows and understands the process of buying a home as well as the market very well. Steve and the RE/MAX Elite Partners were responsive and helped us out the whole way through. I will surely use him in the future and have recommended him to a number of people already.
-Melissa & Steve
It was a pleasure to work with Victoria to sell our first home. She was very knowledgeable and helped us through the hole processes. She made sure we understood what was happening and what we needed to do as sellers. If we were staying in the area we would have helped her find our new home as well. She and The Elite Partners were able to refer us to another great agent when we purchased our next home. I highly recommend her if you are looking to buy or sell your home.
-Rachel Demario
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