Is It Finally Time to Buy a House?

Talk about a surprise that came out of nowhere: home prices have fallen for the first time in 12 freaking years! What the heck is going on?

Here’s Five Fast Facts About Falling Home Prices:

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1. 📉 Teeny Tiny - The line didn’t spike that much, though: prices dropped a whopping 0.6% year over year. The median home price is now at $350,246. Not the BIGGEST drop (save that for the bathroom at work) but still a drop!
2. 📅 Remember When? - This is the first time prices have dropped since the 2008 subprime loan crisis.
3. 📈 Rising Rates - Mortgage interest rates continue to climb and they’re at 7.1%. That makes a typical mortgage payment about $2,520 a month. 
4. 🌅 Bright Future - Realtors expect prices to drop in the Spring and Summer of 2023. Bankers also expect year-over-year decreases in sale prices for the most of this year. (good news!)
5. 🤷 Y Tho? - Supply and demand is at work again. Higher interest rates mean fewer house shoppers/buyers, which means sellers lowering their prices.

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🔥Bottom line: You know things have been bad when such a tiny decrease is considered news. Will the drop snowball into something greater? That’s hard to say. Realtors and bankers are going to say yes because they believe in the power of positivity. The best advice is to play things smart: wait and see. What do you think?

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Are you looking to buy a home?

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