After a two-year surge in home prices, the housing market is finally showing signs of cooling. Now time for the bad news: Pandemic-era prices may be here to stay.
There is hope for first-time buyers looking to enter the U.S. housing market, but observers say they will have to be patient.
Pandemic-era prices, as they currently stand, may be here to stay. “It is entirely possible that prices level out and just don’t change very much for the next few years,” said Greg McBride, chief financial analyst at personal-finance site Bankrate.com. “This would benefit first-time buyers by allowing their incomes to ‘catch-up’ to the cost of homeownership somewhat, but this would unfold over a 2- to 4-year period, not the next 2 to 4 months.
Just 6% of homeowners said their homes decreased in value last year, according to a poll of 1,000 adults by YouGov. Realtor.com last month detailed median house-price drops, which were small by the Great Recession standards. Those declines were happening in arguably already challenging pockets around the U.S. Among the biggest drops were Toledo, Ohio , Rochester, N.Y. and Detroit, Mich. .
“Just 6% of homeowners said their homes fell in value last year, and many of those declines arguably happened in already challenging real-estate markets.” Some more encouraging data: More than half of Americans said they own a home, and nearly 30% reported that they actually own their home outright, YouGov’s poll also found. of owner-occupied units own their home free and clear.) “As for those that have paid off their mortgages already, that’s neither here nor there as it pertains to new buyers looking to enter the market,” McBride added.
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