Is NOW the right time to buy?

IS NOW THE RIGHT TIME TO BUY?

Ifyou’re considering buying a home, you might be asking yourself whether now is a good time or if you should wait. It’s a significant decision, and while the final choice is yours, we’ve gathered some insights to guide you.

Future Home Price Trends

Reports from leading market analysts, including Fannie Mae and Pulsenomics, present findings from the Home Price Expectations Survey (HPES). This survey collects predictions from over 100 experts, including economists, real estate specialists, and market strategists, on the direction of home prices.

The latest HPES indicates a consistent rise in home prices over the next five years. Contrary to any expectations of a decrease, the experts predict an annual increase of approximately 3-4%.

To put it into perspective, let’s say your home appreciates by 3.78% this year; it’s then expected to grow by another 3.36% the following year, and by 3.87% the year after. These increments can significantly enhance your home’s value over time.

What This Means for Potential Buyers

The anticipated continuous rise in home prices suggests that buying a home now is a promising investment. A closer look at the numbers, based on expert projections from the HPES, reveals the potential for considerable wealth accumulation as your property’s value increases.

For instance, purchasing a home at $400,000 now could see its value increase by over $83,000 in the next five years, according to these projections.

The Cost of Waiting

Delaying your home purchase could mean paying more later as home values increase. Essentially, buying sooner than later could be more economical and beneficial in the long run.

Considering a home purchase and have the means to do so? Now might be the time. The forecasted increase in home values presents an opportunity for valuable investment. If you’re ready, connect with a local agent and explore your options to find your next home.