Buyers Have Leverage Again | What Smart Homebuyers Need to Know

Median home values hit record highs of $429,000 across the country. And I'm here today to tell you why, if you're a buyer in the current market, why this is really good news. I'm sure you might be thinking, Derek, what the heck? If I'm trying to buy a house, why do I want the values to keep going up? That's more expensive. I think people get this wrong so often, look in the rearview mirror. If you weren't already a homeowner in the past, you can't go back and just magically become one, but you can become a homeowner today. But it's all about forward-looking. If we look at the current indicators, for 20 weeks in a row, asking prices on homes have come down every single week. Now, quick distinction, doesn't mean home values have come down. Values are still going up. Up, it's just the asking prices were outpacing them. And this is because if, you know, somebody's trying to sell their house and they look down the block and somebody else sold their house recently for X amount, well, the new seller wants a little bit more and the next one wants a little bit more. It's outpaced itself. So sellers are calming down. And what that means for buyers is you have more opportunity to get maybe a little bit off the price of the home, a little bit of seller credits to help cover closing costs, to buy down your interest rate or get repairs on the house possibly. Probably the best opportunity for buyers than any point in the last handful of years. And keep in mind, for the last 70 years they've tracked this stuff, Home values have went up between 30% and 60% every single decade for 7 decades in a row. So it's not about timing the market, it's about buying a house and spending time in the market.