This article is projecting exactly what I've been saying for months. But, so many of the buying public does not believe it. Of course, I can't guarantee that prices have stabilized and will steadily increase. But, that's my feeling. And, that's what this article is saying.
There is just so much demand and so little inventory. It's supply and demand. Home prices are going to be driven up. Here in Parker Colorado and the Denver Metro Area, we're certainly experience it. We've been working with quite a few buyers (mainly from out of state). In every case, we've had to offer over asking to "be in the hunt". So far, unfortunately, we've not been able to secure a contract. Bur, we will. In most cases, the seller had over 50 showings and 10 or more offers (all over asking).
The moral of the story. If you're a buyer in this market, you need to face reality and get aggressive. And, stop worrying about paying too much. In the long run, you'll do just fine.
Cheryl and I can help you get your home if you'll follow our advise. We know what it takes. Call me at 720.220.5058 or Cheryl at 303.981.7339.
Think Twice Before Waiting for Lower Home Prices In Parker Colorado
As the housing market continues to change here in Parker Colorado, you may be wondering where it’ll go from here. One factor you’re probably thinking about is 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 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.”
And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:
So, should you keep waiting to buy a 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.
Bottom Line
If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.