So, you're wondering if you should buy a home now or hold off for a bit. It’s a question many people are tossing around lately. While the answer depends on your personal situation, here’s something worth thinking about: the moment you buy, you start building equity. And guess what? That equity can stack up faster than you think, even with today’s more modest price gains.
Every quarter, Fannie Mae checks in with over 100 economists, real estate experts, and market strategists to get their predictions for home prices. Their latest Home Price Expectations Survey (HPES) shows that, nationally, home prices are projected to keep rising through at least 2028.
Sure, prices vary depending on where you live, but the overall trend is clear: up, up, and up! While that might sound a little stressful, especially as a buyer, it’s actually great news once you own a home. Why? Because that price growth means more equity in your pocket. Think of it like a slow-bake recipe for building wealth.
Let’s break it down: if you were to buy a $450,000 home today, based on expert projections, you could gain over $90,000 in equity over the next five years. Yeah, that’s a pretty sweet deal for just owning a place to call home.
So, if you're ready to dive into the housing market, there’s a golden opportunity in front of you. With mortgage rates dropping recently, it might just be the perfect time to make your move.
Of course, you don’t have to figure this out on your own! Having a pro in your corner can make all the difference. They’ll clue you in on what’s happening with home prices in your area and what that means for your future wealth. The Mortgage Reports puts it perfectly:
“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.”
Final Thoughts
Buying a home now or waiting it out is a personal choice—but it helps to have an expert on your side. They won’t push you, but they’ll fill you in on things you might not be considering, like how much equity is on the line.
Ready to chat through your options or just curious about the current market? We’re here and excited to help make sense of it all!
