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Are Home Prices Coming Down This Year or Next?
To understand what is driving current home prices, we need to look no further than the first rule of economics: Supply and Demand. The shorter the supply and greater the demand, the higher the price. As potential home buyers entering the marketplace it's important to make decisions not simply based on what we would like to see, but rather what is actually happening.
Incontrovertible demographic trends show household formations are outpacing supply and THAT is what is supporting home prices. Although we expect to see unrealistic listing prices of unsold homes come down to Earth, that does not mean we are going to see year over year price declines so don't let your home buying strategy be guided by "wishful thinking." Instead let me teach you what drives home prices so you will understand why buying a home is such a great investment.
With higher home prices AND higher interest rates in recent months, affordability has been an issue for many buyers but the silver lining is that interest rates go up and down all the time so if you end up buying a home while rates are in an upcycle, you can (and will) refinance into a lower rate in the future.
Incontrovertible demographic trends show household formations are outpacing supply and THAT is what is supporting home prices. Although we expect to see unrealistic listing prices of unsold homes come down to Earth, that does not mean we are going to see year over year price declines so don't let your home buying strategy be guided by "wishful thinking." Instead let me teach you what drives home prices so you will understand why buying a home is such a great investment.
With higher home prices AND higher interest rates in recent months, affordability has been an issue for many buyers but the silver lining is that interest rates go up and down all the time so if you end up buying a home while rates are in an upcycle, you can (and will) refinance into a lower rate in the future.