Should You Buy a Home Now or Wait? Here’s What to Consider.
Deciding whether to buy a home now or hold off is a common dilemma many face today. While the right choice depends on your personal circumstances, there’s an important factor worth considering.
The moment you purchase a home, you begin building equity—and it may accumulate faster than you think, even with moderate home price appreciation.
Each quarter, Fannie Mae publishes the Home Price Expectations Survey, gathering insights from over 100 economists, real estate professionals, and market strategists. In the most recent survey, experts predict that home prices will continue to rise nationwide through at least 2028 (as shown in the graph below).
Home Prices Are Expected to Keep Climbing—Here’s Why That Matters for You
While home prices will vary from one location to another, the key takeaway is clear: they’re projected to continue rising nationwide. Although the rate of increase may differ year to year, the consistent trend is upward growth, even if at a more moderate pace.
Rising home prices might not sound ideal right now, but once you own a home, that increase works in your favor. The growth in value directly boosts your equity. The graph below shows how much equity you could gain based on typical home values and the latest projections from the Home Price Expectations Survey.
How Buying a $450,000 Home Could Boost Your Wealth by Over $90,000 in 5 Years
If you purchased a $450,000 home at the start of this year, expert forecasts from the Home Price Expectations Survey suggest you could gain over $90,000 in household wealth over the next five years. That’s a substantial return on your investment.
If building wealth is a priority and you’re ready to buy, this is an opportunity you won’t want to miss—especially with mortgage rates now trending lower.
To navigate your options and make an informed decision, consult with a professional. They can give you insights into local home prices and explain what it means for your move and future equity growth. As The Mortgage Reports notes:
“Given the intricacies of the current market, staying informed and up to date about housing market conditions is more important than ever. Whether buying or selling in the remaining months of 2024, having a professional guide can make all the difference.”
Bottom Line
Deciding whether to buy now or wait is a personal choice, but having expert advice is invaluable. A pro won’t pressure you—they’ll provide insights you might not have considered, like the equity you stand to gain.