WOKV’s Consumer Warrior Clark Howard says if you’ve been considering buying a new home, there’s something you’ll want to keep in mind.
Howard says home prices are currently a bit inflated due to a shortage of inventory amid the coronavirus pandemic, so if you want to move forward with buying a house, you need to be committed to staying there for some time.
“We could have a little decline in home prices next year or maybe the year after, so you want to buy a home with the idea of owning it for a good, long period of time. Don’t buy a home now, that you’re thinking ‘hey, we might be there a couple of years.’ That’s not a good decision right now,” says Howard.
But Howard says he does not expect the price drop to be anything like the housing bust in 2007 to 2012.
Get more consumer news and advice in Clark Howard’s on-demand podcasts.