Instead of waiting until prices drop significantly, consider buying now. Despite the recent decrease in prices, the average price of a home is still above what it was two years ago before the boom began. It's important to be aware of any potential risks of buying a home at this time, as well as the advantages. Interest rates are at historically low levels, and there are still plenty of homes to choose from. Plus, buying now may provide you with an opportunity to gain equity in your home sooner rather than later.

For instance, home prices rose 7% for this month compared to March 2023, mostly due to low inventory keeping prices strong. Multiple offers are happening on updated homes, proving there is still strong buyer demand despite higher interest rates.

The graph below compares home price trends in November 2022 to April MTD:

Resource: FLEXMLS

So, should you keep waiting to buy a home until prices come down? If you want to buy a home, timing can be crucial. It's important to monitor the trends in your local real estate market, as well as larger economic trends, in order to make the most informed decision. A good understanding of your local economy and the forces that shape it can help give you an edge when trying to determine the right time to buy. Additionally, corresponding with a knowledgeable real estate agent or broker can be extremely helpful in staying abreast of the most current market conditions.

Bottom Line

With the current low interest rates, it may be a good time to invest in a home. I can provide you with up-to-date information on the local housing market and help you find homes within your budget. Let's connect and discuss what options may be available to you.