Home values plummeting!!

I get told this NON STOP. Home values are going to plummet. The market is going to crash. I’ll just wait a few months and buy when values drop. I’ve actually been fired by a few people who said these very things to me. News flash, they are still waiting for the “crash” and are angry that they can not afford the kind of home they were looking at in 2019.

Well, sorry to burst your bubble. But experts in the industry agree, that we are not going to see a crash, or pricing drop. In fact, we have seen home CONTINUE to appreciate over the past couple of years.

In 2020 for the entire year that was a 6% average of appreciation for homes. In 2021, that went up to a whopping 15%!! (yes, that means that those of you that waited for the market to crash, lost 15% appreciation on a home you could have bought). Why did this happen? Historically low rates caused buyers to swarm the market, which created a supply & demand issue, which caused home prices to rise.

With rates rising, this has pushed out some buyers which is helping the market cool off a bit. Thus the shift we are beginning to see in some areas. Experts agree that homes are expected to appreciate another 10ish % — see below.

So what does all this mean? Again, we are not in a crash. The standards to get a mortgage are completely different than 2008. Homes will continue to appreciate. Which means waiting will cost you in the end.

Still not convinced? Shoot me a message today and I will connect you with my highly qualified loan officers who can go in depth with you why waiting may not be all it’s cracked up to be. We are seeing a deceleration of homes. Meaning, we will see homes still appreciate, just in a slower (more normal) rate.

Stop waiting for prices to drop, for the market to crash and pigs to fly. You are just losing equity that you could have built over the past few years. If you are thinking of buying, what are you waiting for?

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