Are you waiting for home prices to come down? Regardless of what you might be hearing or reading, the facts just do not call for home prices to fall. We have a major shortage in inventory. At least, here in the Denver Metro Area. We are working with several buyers in the price ranges from $500,000 to over $1,000,000. A few new listings come up every day. If they are priced correctly and are in relatively good condition, they will be under contract within a day or two. They will have received multiple, over asking price, offers. We have cash buyers, willing to make aggressive offers. We're still trying to get one under contract. We will succeed. We always do. But, it's definitely a seller's market and will continue to be for quite a while. So, if you're delaying purchasing a home because you think it's going to be better in the future, don't do it. Buy now.
Think Twice Before Waiting for Lower Home Prices Here In Parker Colorado 
As the housing market here in Parker, Colorado continues to change, 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.