Why Buying a Home Now Could Be a Smart Long-Term Decision

Should you buy a home now or wait for a better time? This is a common question many are asking today. While the right choice depends on your unique circumstances, there’s one factor you may want to consider carefully: building equity.

As soon as you buy a home, you start building equity. You might be surprised how quickly it adds up, even with moderate price increases in the housing market.

Each quarter, Fannie Mae publishes the Home Price Expectations Survey, where over 100 economists, real estate experts, and market strategists share their projections for the next five years. In the latest report, they predict that home prices will continue to rise across the country through at least 2028. While price changes will vary by region, the national trend shows steady growth year after year.

Although rising home prices may sound like a challenge if you’re looking to buy, once you own a home, that appreciation works in your favor. Let’s take a look at how much equity you could build over time. For example, if you purchase a $450,000 home this year, based on expert forecasts, your home could increase in value by more than $90,000 over the next five years. That’s a significant boost to your wealth!

If building wealth is important to you, and you’re in a position to buy, now could be the right moment. Plus, with mortgage rates dropping, this may be an ideal opportunity to make your move.

To make the most informed decision, it’s essential to work with a professional who understands both the local market and your specific needs. As The Mortgage Reports explains:

“Given the complexities of today’s housing market, it’s more important than ever to stay informed. Whether you’re buying or selling in the final months of 2024, having a knowledgeable professional by your side can make a big difference.”

Bottom Line

Deciding whether to buy a home now or wait is a personal decision, but it’s crucial to have the right information. A real estate expert can help you understand things you may not have considered, like the potential equity you could gain.

If you’re interested in exploring your options and want to learn more about how the current market could impact your decision, let’s connect! Your dream of homeownership is closer than you think.