{"id":2225,"date":"2023-04-17T19:41:54","date_gmt":"2023-04-17T19:41:54","guid":{"rendered":"https:\/\/wifamily.news\/?p=2225"},"modified":"2023-04-17T20:07:01","modified_gmt":"2023-04-17T20:07:01","slug":"think-twice-before-waiting-for-lower-home-prices","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=2225","title":{"rendered":"Think Twice Before Waiting for Lower Home Prices"},"content":{"rendered":"<p>This post originally appeared at <a href=\"https:\/\/www.wisconsinrightnow.com\/lower-home-prices\/\">https:\/\/www.wisconsinrightnow.com\/lower-home-prices\/<\/a><\/p>\n<p>As the housing market continues to change, you may be wondering where it\u2019ll go from here. One factor you\u2019re probably thinking about is home prices, which have come down a bit since they peaked last June. And you\u2019ve 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 <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/04\/06\/trying-to-buy-a-home-hang-in-there\/?a=527528-f601f0db81528f23f27c8edee2f9394c\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">buying a home<\/a> until prices drop significantly. But that\u2019s not the best strategy.<\/p>\n<p>A recent <a href=\"https:\/\/www.builderonline.com\/data-analysis\/what-is-the-millennial-mindset-on-owning-vs-renting_o\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">survey<\/a> from <em>Zonda<\/em> shows <strong>53% of millennials are still renting right now because they\u2019re waiting for home prices to come down<\/strong>. But here\u2019s 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 <em>CoreLogic<\/em>, <a href=\"https:\/\/www.corelogic.com\/intelligence\/us-home-price-insights-april-2023\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">reports<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cU.S. home prices rose by 0.8% in February . . . indicating that<\/em><strong><em> prices in most markets have already bottomed out<\/em><\/strong><em>.\u201d<\/em><\/p>\n<\/blockquote>\n<p>And the latest data from <em>Black Knight<\/em> shows the same shift. The graph below <a href=\"https:\/\/www.blackknightinc.com\/wp-content\/uploads\/2023\/04\/BKI_MM_FEB2023_Report.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">compares<\/a> home price trends in November to those in February:<\/p>\n<p><a href=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/04\/think-twice-before-waiting-for-lower-home-prices.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/04\/think-twice-before-waiting-for-lower-home-prices.png\" alt=\"Republican Debt Ceiling Plan\" title=\"Republican Debt Ceiling Plan\" \/><\/a><\/p>\n<p>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\u2019t. The <a href=\"https:\/\/pulsenomics.com\/surveys\/#home-price-expectations\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">data<\/a> shows prices are increasing in much of the country, not decreasing. And the latest data from the <em>Home Price Expectation Survey <\/em>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.<\/p>\n<p>Jim Piwowarczyk is a Wisconsin real estate broker specializing in the selling and purchasing of residential and commercial real estate throughout Wisconsin. Jim can be reached at 414.745.3339.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post originally appeared at https:\/\/www.wisconsinrightnow.com\/lower-home-prices\/ As the housing market continues to change, you may&#8230;<\/p>\n","protected":false},"author":16,"featured_media":2227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-right-now"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2225"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2225\/revisions"}],"predecessor-version":[{"id":2229,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2225\/revisions\/2229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/2227"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}