As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices in Aspen/Snowmass, 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 in Aspen/Snowmass 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.
If you’re waiting to buy a home in Aspen/Snowmass until prices come down, you may want to reconsider. Connect with Jordie Karlisnki, real estate agent in Aspen, to make sure you understand what’s happening in our local housing market.
STAY UP TO DATE ON THE LATEST REAL ESTATE TRENDS
Jordie Karlinski | November 6, 2023
Jordie Karlinski | October 30, 2023
Jordie Karlinski | October 27, 2023
Jordie Karlinski | October 25, 2023
Jordie Karlinski | October 23, 2023
Jordie Karlinski | October 18, 2023
Jordie Karlinski | October 16, 2023
Jordie Karlinski | October 13, 2023
Jordie Karlinski | October 11, 2023
Jordie is driven, grounded, committed to her work, and passionate about the long-term success of her community. Through her experiences as a professional athlete, she learned discipline, persistence, planning, and attention to detail.