Should you buy a home now or wait? It’s a question many people are asking. Ultimately, what’s best for you depends on various factors. Here’s something to think about as you work through your decision.

Once you purchase a home, you'll begin to build equity right away. You might be surprised at how fast it accumulates, even if home prices are increasing at a moderate pace.

Every quarter, Fannie Mae publishes the Home Price Expectations Survey. This survey gathers insights from more than a hundred economists, real estate professionals, and market strategists about their predictions for home prices over the next five years. According to the most recent findings, experts anticipate that home prices will keep increasing across the country at least until 2028.

Home prices may differ from one local area to another, but the general trend is that they're expected to continue rising across the country. While the amount of increase can change from year to year, the key point to remember is that prices are projected to go up every year, albeit at a moderate rate.

Rising home prices might seem concerning at the moment, but once you own a home, that increase can be a significant advantage for you. Let’s take a closer look at how much equity you could gain after making a purchase. The graph below illustrates the typical home value along with HPES projections, highlighting the equity potential you stand to gain.

If you purchased a home for $450,000 at the beginning of this year, the expert forecasts from the HPES suggest that you could potentially see an increase of over $90,000 in household wealth within the next five years. That’s a substantial gain.

If you're prepared to buy and want to grow your wealth, there's a chance for you here. With mortgage rates dropping, it might just be the right moment to think about taking that step.

To explore your options and figure out what makes the most sense for you, consult a professional. They can provide insight into the current home prices in your area and explain how that impacts your move and future equity. According to The Mortgage Reports, it’s a good idea to gather this information before making decisions.

““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.”
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— The Mortgage Reports

Bottom Line

Deciding whether to buy now or wait is a personal choice, and getting insights from an expert can really help. They won’t pressure you, but they can highlight important factors you might not have thought about, such as the equity involved.

If you'd like to discuss your options and consider how the current market might affect your decisions, let’s connect.