Home Prices Aren’t Coming Down Anytime Soon

If you’re waiting for home prices to drop, you might be waiting a long time. Despite higher mortgage rates, home prices are steady and even rising in many areas and buyers are wondering when they’ll get some relief. But here’s the truth: a big drop isn’t happening anytime soon.


Here’s why: the supply of homes is still tight and that’s the key to keeping prices high. Builders can’t keep up with demand and many current homeowners are reluctant to sell and give up their low-rate mortgages. Even though some buyers have held off due to higher rates, the underlying demand for homes hasn’t gone away.


Now, what if rates do fall? Lower rates could bring more buyers back into the market and that means more demand. When demand increases, especially in a tight inventory market, prices don’t go down: they go up.


So, the bottom line is this: it is unlikely home prices will drop much in the near future. If you’re thinking of buying a home, now might be the time to get in before demand and prices go up.

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