The average residential home price continued to slide again in August and has now dipped below where we started the year in January.
But, there is good news buried in the details. Many forecasters and news outlets are reporting that prices in 2022 would dip 20%, and by the looks of it we are already there. Have we hit the bottom? No one really knows, but until we see some more data, you can ignore the media reports that keep reporting we will "drop" 20% because we already have. That's old news.
On top of that, if you are and have been in your home for the long term, prices are still up 40% from where they were just over 2 years. You have still increased your equity and property value. And, if you plan on staying in the house you bought in the last 6-8 months for a longer term, prices historically appreciate and your investment will eventually net you a gain plus you are contributing to your equity with each mortgage payment.
If you are a first time buyer looking to get in the market, strictly speaking on price, you are in a better position than you were six to eight months ago. For those looking to upgrade and buy something bigger, your house may have declined 20% but so has that new home you've been eyeing up. And, since it started at a higher price, it has come down more in dollar value than the decline you have seen in what you are selling.
Even in a declining market, there is always something positive to pull from the data!
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