Are home prices coming down?

Dear William,

I’m a medical student and I’m thinking of buying but it seems like prices are slowly coming down. My gut is telling me wait. What do you think?

Dan S, Beverlywood, Los Angeles

Dear Dan,

Your belief that prices are coming down is a popular belief! In a recent Rubel+Ashman poll, we discovered that 52% of people believe that prices are coming down. The reality is that is not the case. Prices have actually increased nationally almost 1% in the last 30 days. We are seeing multiple offers still come in. Properties are still selling for over asking. If you’re waiting to buy and can, get in it to win it. Success is not a spectator sport.

Buyers are competing over less inventory and even though mortgage interest rates have increased, the competition is still there. Don’t let interest rates scare you. The only thing that should scare you is an empty real estate portfolio. You don’t even necessarily have to live in your investments either but you should definitely be buying property as often as you can.

William