Many buyers are wondering: "Are home prices going to fall soon?" It’s a fair question, especially with mortgage rates still high and fewer people rushing to buy.
Right now, prices are still rising—but more slowly than before. Experts predict small increases (around 1% to 4%) over the next year. That’s not a big jump, but it’s also not a crash.
The reality is that buyers are sick of bidding wars and losing out on houses for one reason or another. This market is very challenging, and makes the American dream feel like a nightmare at times.
So, why are prices still high? The biggest reason is that there aren’t enough homes for sale. When fewer homes are available and buyers are still looking, prices tend to stay steady or go up.
Here’s what else is going on:
Some people are choosing not to sell because they don’t want to give up their low mortgage rates.
Builders aren’t keeping up with the demand for housing.
Buyers are being more cautious, which slows things down a bit.
The good news? Experts say we’re not heading for a housing crash. Most homeowners have equity, and there aren’t a lot of foreclosures. That keeps the market more stable.
If you’re thinking about buying or selling, timing the market perfectly is almost impossible. The best time to make a move is when it makes sense for your life. At GoodBuy Homes NJ Realty, we can help you decide if now is the right time based on your goals and situation. CLICK HERE to be placed with one of our specialists who can help you navigate through the process.
