Waiting for Home Prices to Drop?

You might be wondering where the housing market is headed, especially when it comes to home prices. You've probably heard rumors about a price crash and are holding off on buying a home until prices drop significantly. But is that really the best strategy?

According to a recent survey by Zonda, 53% of millennials are still renting because they're waiting for home prices to come down. However, the latest data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices rose by 0.8% in February, indicating that prices in most markets have already bottomed out.

The same shift is shown in the latest data from Black Knight. If you factor in what the experts are saying, you probably shouldn't keep waiting to buy a home until prices come down. The data shows that prices are increasing in much of the country, not decreasing.

Here in Las Vegas, we just reported the median home price going back up for the first time in several months.

Image from our Pulse on the Market Report | Instagram

The Home Price Expectation Survey also indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023.

So, what's the best way to understand what home values are doing in your area? Work with a local real estate professional who can give you the latest insights and expert advice. Don't miss out on your dream home by waiting too long. Let's connect to make sure you understand what's happening in our local housing market.

Graham Team Real Estate • (702) 930-9551 • Team@grahamteamnv.com

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