The decision of whether to buy a home now or wait is on many people's minds. While it ultimately depends on your personal circumstances, there’s one key point to consider: buying a home now means you’ll start building equity right away, and that can add up faster than you might expect, even with moderate home price growth.
Each quarter, Fannie Mae releases the Home Price Expectations Survey (HPES), which gathers insights from over 100 economists, real estate experts, and market strategists on where home prices are headed. According to the latest survey, home prices are expected to rise steadily across the nation through at least 2028, albeit at a moderate pace.
While local markets may vary, the national trend shows a consistent upward trajectory in home prices. And while rising prices may seem daunting at first, once you own a home, that growth works in your favor. The longer you own your home, the more equity you build as your home’s value increases.
For example, if you purchased a $450,000 home at the start of this year, using the HPES forecasts, you could see a gain of over $90,000 in equity over the next five years. That’s a substantial increase in household wealth.
If you’re in a position to buy now and want to grow your wealth, this could be a great opportunity, especially with mortgage rates having recently dropped. But don’t make the decision alone. Lean on a trusted real estate professional who can provide insights on your local market and guide you through the buying process.
As The Mortgage Reports puts it:
“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.”
The choice to buy now or wait is deeply personal, but having expert advice can shed light on factors you may not have considered—like the potential equity gains you could miss by waiting. If you’re ready to explore your options or just need help navigating the current market, connect with a local real estate agent today.
Comentarios