Should You Buy a Home Now or Wait?
This is a question many potential homebuyers are grappling with today. While the right choice depends on your unique circumstances, there are a few key points to consider as you navigate this decision.
One significant advantage of purchasing a home now is the opportunity to start building equity. You might be surprised by how quickly equity can accumulate, even amid moderate home price appreciation.
Fannie Mae’s Home Price Expectations Survey, released quarterly, surveys over a hundred economists, real estate experts, and market strategists to project home price trends over the next five years. The latest findings indicate that national home prices are expected to rise through at least 2028 (see graph below).
While prices may vary from market to market, this overall trend suggests that homes will continue to appreciate steadily. Although the rate of increase may fluctuate year to year, the key takeaway is that prices are anticipated to rise consistently.
While this may seem concerning now, owning a home allows you to benefit from this growth. For instance, if you were to purchase a $450,000 home today, based on expert projections, you could see an increase of over $90,000 in household wealth over the next five years. That’s a substantial gain!
If you’re financially prepared to buy and are interested in building your wealth, now might be an ideal time to take action—especially as mortgage rates have recently fallen.
To better understand your options and what this means for you, it’s essential to consult with a professional, like an agent at High Falls Sotheby’s International Realty, who can provide insights into local market conditions and help you make an informed decision. As The Mortgage Reports notes:
“Given the intricacies of the current market, it’s more important than ever to stay informed about housing conditions. Whether you’re looking to buy or sell in the coming months, having a professional guide can make a significant difference.”
Deciding whether to buy now or wait is a personal choice, but having an expert’s perspective can be invaluable. They can help clarify factors you might not have considered, such as the equity you stand to gain.
At High Falls Sotheby’s International Realty, we are dedicated to helping you navigate the buying and selling process with ease. Our team of experienced professionals is here to guide you every step of the way, ensuring you make informed decisions that align with your goals. If you’d like assistance in weighing your options and understanding how current market conditions might affect your decision, let’s connect!