Will home prices fall this year?
Whether you are looking to buy or sell a home (or both), the answer to this question is important to you. Here's my 2 cents:
Home prices have been increasing for 120+ consecutive months (year over year), and in particular in the past 2 years. Why? It's a supply and demand equation - there are more home buyers in the market than there are homes for sale. That puts upward pressure on home prices. That situation isn't going to be changing soon, so we can expect home prices to continue to increase.
So, if you are looking to sell a home this year, you are in a great position. Your property has appreciated nicely in the past few years, and there are potential buyers waiting for a home like yours to become available.
Conversely, if you are looking to buy a home, you should NOT be waiting for the prices to fall. Waiting will cost you in the long run - with increasing interest rates and rising home prices (and the loss of potential tax deductions) you are definitely better off finding your new home sooner than later. Even if interest rates do fall in the next 12-18 months, the property values most likely will be higher. You can always refinance if the rates fall (and my prediction is that the rates WILL decrease a bit in about 12-18 months).
The Bottom Line
If you're thinking of selling to move up, you definitely shouldn't wait for prices to fall. Prices will continue to appreciate this year, so if you're ready, buying your next home before prices climb further may make the most financial sense. Let's connect to begin the process of selling your current home and looking for your next one before prices rise higher. My office is open 7 days a week for your convenience, and I'm looking forward to helping you achieve your real estate goals!Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR