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

Many potential homebuyers are wondering: Should I buy a home now or wait? It’s a question on a lot of people’s minds these days. While the answer depends on your personal situation, there’s one key factor to consider: home prices. While they may fluctuate depending on where you live, the overall trend is that prices are expected to continue rising nationally. Although the rate of increase may vary from year to year, experts predict steady appreciation.

At first glance, rising prices may seem like a negative, but once you own a home, those price increases work in your favor by building equity. Let’s look at what that could mean for you.

For example, if you purchased a $450,000 home at the beginning of this year, based on expert predictions from the Home Price Expectation Survey (HPES), you could see your household wealth grow by more than $90,000 over the next five years. That’s a considerable return on investment.

If you’re financially prepared to buy, and building wealth is part of your goals, now may be the right time to make your move—especially with mortgage rates having recently fallen.

Consult a Professional for Local Insight

To make an informed decision, it’s crucial to have expert guidance. A local real estate agent can provide you with current information about home prices in your area, what’s happening in your market, and how that might impact your future equity. As The Mortgage Reports points out:

“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.”

The Bottom Line

Deciding whether to buy now or wait is personal and varies for everyone. However, a knowledgeable real estate professional can provide valuable insight to help you make the best decision. They’ll give you a clear picture of the market, including the potential equity you could start building right away.

Each quarter, Fannie Mae releases the HPES, which surveys economists, real estate experts, and strategists on their home price forecasts for the next five years. The consistent expectation of price growth means that if you buy now, you could be setting yourself up for significant long-term gains.

If you’re ready to explore your options, connect with a local agent today. The sooner you buy, the sooner you start building equity—often faster than you might expect.