Still Waiting?
The answer is that home prices will not be declining anytime soon
The truth is that if you're on the fence about buying your best option is to find a home you love and put in an offer. Waiting to see whether the housing market will decline is not a smart move.
Put another way, if you know that home prices are increasing why would you wait to buy a property? Unless you have some information that I don't have, my forecast for the upcoming year is that home prices will continue to rise.
This is great news for home sellers but bad news for home buyers.
Why home prices won't decline any time soon
Home prices will not decline in the near future because we have a healthy economy with low interest rates.
Interest rates are the main culprit keeping prices high. The availability of cheap financing allows buyers to obtain more money than they would have otherwise with a higher interest rate. Thus, they are able to bid more for a property. In turn, the home sells for more and as a result drives up the prices for other homes in the area.
It's a vicious circle for buyers but a great one if you're a seller.
My advice to buyers
Buy as soon as you can!
You want to be on the price appreciation side of things. You don't want to keep waiting while prices are steadily increasing.
Every buyer has different needs. If you would like to discuss your individual needs please feel free to contact me via text, call, or email for a conversation over coffee.
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