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 Central CA 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 in Central CA 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.”
So, should you keep waiting to buy a Central CA 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. Work with an agent to make sure you understand what’s happening in your local housing market.
Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you buy your Central CA home and guide you through today’s market. Give our Oak Shores Realty team a call today! Let’s discuss your goals, your timeline, and a plan of action, to make those goals a reality as soon as possible.
Jasmine Duncan
Your Local Lake Nacimiento Real Estate Expert
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