Have Home Values Hit Rock Bottom?
Have home values hit rock bottom? It’s a question on many homeowners and potential buyers minds. While experts disagree on the answer, one thing is for certain: now is a good time to buy.
Low mortgage rates make borrowing cheaper.
A strong economy and low inventory mean that demand for housing is high.
This can lead to bidding wars and higher prices.
Acting now can help you avoid paying more in the future.
Additionally, homeownership brings long-term financial benefits such as building equity and potential appreciation in value.
It also provides a sense of pride and belonging.
Have Home Values Hit Rock Bottom? It Depends on where you live.
But, it’s important to remember that real estate is local.
Research the market in your area and work with a real estate agent.
Consider your personal financial stability and long-term goals.
Don’t base your decision on speculation.
Make an informed decision and take action.
Don’t let uncertainty hold you back from achieving your dream of homeownership.
It’s a big decision, but one that can pay off in the long run.
Take the leap and become a homeowner today.
Have Home Values Hit Rock Bottom? Signs that may give us an answer:
But you still may be thinking “Rob, Have Home Values Hit Rock Bottom?” How much will home prices decline? This is the question everyone is wondering. But what you may not realize is expert forecasters aren’t calling for a free fall in prices. In fact, if you look at the latest data, there’s a case to be made that the biggest portion of month-over-month price depreciation nationally may already be behind us – and even those numbers weren’t significant declines on the national level. Instead of how far will they drop, the question becomes: have home values hit bottom?
The graph above provides an overview of the latest home value reports from various sources such as Case-Shiller, FHFA, Black Knight, and CoreLogic. It depicts the month-over-month changes in home values since January 2022. It should be noted that the data for November and December has yet to be released.
If we examine the red figures closely, we can see that they indicate the change in home values over the last four months that have been published. The data suggests that in all cases, the peak in home price depreciation occurred in August. This is not a guarantee that home values have reached their lowest point, but it does indicate that prices are no longer plummeting and may suggest that the worst is over. Further validation of this national trend can be made once the numbers for November and December are released.
Have Home Values Hit Rock Bottom? There’s more to it:
It is also important to remember that buying a home is not just a financial decision, it’s also an emotional one. It’s a place to create memories and build a future. And, regardless of what the market does, owning a home will always be a valuable investment in you and your family’s life. Don’t let uncertainty about the market hold you back from achieving your dream of homeownership. Talk to a real estate expert and make an informed decision.
Author: Rob Johnson, Realtor