Contrary to popular belief, home prices are not plummeting. Home sales are increasing and price declines are leveling off. So if you are unsure whether to start buying or selling your home, this good news about home prices may be your “go” sign.
The experts predict that prices will stabilize. As interest rates continue to rise, market volatility is still present. However, because we still have a shortage of inventory, prices will stay stable. According to NAR, the median existing-home sales price dropped 0.9% to $375,700 in March from a year earlier. This is good news for prospective buyers. After a record-breaking 131 months of price increases, this is the second month in a row that home prices have decreased year over year.
“While housing markets across the country continue to send mixed signals, prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. At 1.6%, the month-over-month increase was twice the average seen between 2015 and 2020.” – Selma Hepp, Chief Economist for CoreLogic
What does this Mean for You?
As a seller, it might be time to get back into the game and list your home with a local expert. There is no reason to put it off. Additionally, the state of the housing market will not affect the value of your home. The most recent data indicates a change in favor of you, so you don’t need to put your needs on hold any longer.
And if you are a buyer, you can buy with confidence now if you’ve been holding off because you didn’t want to invest in something that would lose value. Purchasing now gives you the opportunity to act quickly. You can do this before home prices increase further. This gives you the chance to acquire a home that typically appreciates in value over time.
The Bottom Line
In essence, other experts note that because many borrowers have positive equity in their homes. Today’s homeowners are in a much better position than those who emerged from the financial crisis of 2008. As a result, there is little chance of a housing market crash. The worst has already passed, according to data, and prices are actually going up nationwide. Work together with a local expert to have a knowledgeable person explain the trends in local home prices.
What To Do:
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