The Truth About Home Prices: Are They Really Dropping or Climbing?
Are you waiting anxiously for house prices to drop before making a move? Well, it's time to reconsider your plan. The truth is home prices are not plummeting as some previously predicted.
Some markets have had modest price drops, but on a national level, we're actually seeing a slow but steady uptick.
Is there still a chance of home prices crashing like we saw in 2008?
Unlikely, and here's why.
Recent reports from Case-Shiller, FHFA, and CoreLogic, all suggest that the worst declines in home prices are behind us. While home prices were dipping for several months last summer and fall, data from the past 12 months suggests that a significant decrease is unlikely to occur moving forward.
Andy Walden, Vice President of Enterprise Research at Black Knight, had this to say:
“Just five months ago, prices were declining...in 92% of all major U.S. markets. Fast forward to March...prices now rising in 92% of markets from February.”
So, what does all of this mean for you, the aspiring homeowner?
If you've been waiting for prices to drop before buying a home, it's time to make your move. Buying before prices go even higher really is the savviest move. Plus, owning a home is usually a smart investment that tends to increase in value over time.
Need guidance on making this purchase even more affordable? Contact us for local expertise for all your home financing needs.