Richard Eimers Broker Owner September 27, 2024
Should you buy a home now or wait? It’s a question many people are asking in today’s market. While the right decision depends on individual circumstances, there are key factors to consider when making your choice.
The Power of Equity
One of the biggest advantages of buying a home is the immediate opportunity to start building equity. Even with modest home price appreciation, the equity you gain can add up faster than you think.
Each quarter, Fannie Mae releases the Home Price Expectations Survey (HPES), which gathers insights from over 100 economists, real estate experts, and market strategists. According to their latest projections, home prices are expected to continue rising nationally through at least 2028. While appreciation rates may vary from year to year and across regions, the consensus is that prices will climb steadily.
What Rising Prices Mean for You
Though rising home prices might seem daunting, they actually work in your favor once you own a property. For example, if you purchased a $450,000 home at the start of this year, HPES forecasts suggest you could build over $90,000 in equity over the next five years. That’s significant household wealth growth.
Why Now Could Be a Good Time
If building wealth is important to you, this may be the right time to buy. With mortgage rates currently lower than previous highs, there’s a window of opportunity for buyers to enter the market and lock in a favorable rate.
Consult a Real Estate Professional
Given the complexities of today’s market, it’s essential to work with a real estate professional. They can help you understand local pricing trends and guide you through the buying process, ensuring you make the best decision for your future equity growth. As The Mortgage Reports notes:
In today’s intricate market, staying informed is crucial. Whether you’re buying or selling, having a professional guide can make all the difference.
Bottom Line
The decision to buy now or wait is personal, but expert guidance can provide clarity. A real estate professional won’t pressure you but will explain critical aspects like the long-term equity potential that may be at stake. If you’re thinking about your options, connect with a local agent to help you navigate the current market and future opportunities.