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Why Waiting to Buy in 2023 is the WRONG Strategy
While it is true that home prices and inventory vary by locality, the national trend clearly shows that home prices already hit their low and are moving up again.
Many national news sources have been predicting a housing crash- but the data does not support it.
Andy Walden , a VP of research with Black Knight, had this observation: ” five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. cities. Fast forward to March (2023), and the situation has done a literal 180, with prices now rising in 92% of markets from February (2023).”
Bottom Line- home prices will continue to tick up while the prediction from mortgage observers is that interest rates will decline in the next year. Lock in your home today before prices continue to increase with the strategy to refinance to a lower payment when the window of opportunity appears.
Here is a short BLOG article to read if you are deciding whether to renew your lease or own a home: https://www.themortgagepicker.com/why-waiting-for-home-prices-to-decline-is-the-wrong-homebuying-strategy-in-todays-market/
Richard Blair NMLS # 213176 is a mortgage broker that has served homebuyers for the past 26 years. The goal is to educate homebuyers with up-to-date information that will help them make wise financial decisions during the home buying journey. Before becoming a mortgage professional Richard was an attorney and an Administrative Law Judge.