Why Buying Now May Be Worth It in the Long Run

According to Keeping Current Matters, many potential homebuyers are asking the same question: Should I buy a home now or wait? While the answer depends on your individual situation, there’s a crucial factor to consider—home equity.

The Power of Building Equity

As soon as you purchase a home, you begin building equity. Even with moderate home price appreciation, equity can accumulate quickly. This wealth-building tool can be a significant financial advantage over time.

What Experts Are Forecasting

Each quarter, Fannie Mae releases the Home Price Expectations Survey (HPES), which gathers insights from over 100 economists, real estate experts, and market strategists. The latest forecast predicts that home prices will continue to rise nationally through 2028, albeit at a more moderate pace. While local markets may vary, the overall trend points toward continued price appreciation.

Equity Growth Over Time

Rising home prices may seem daunting now, but they work in your favor once you own a home. For example, if you bought a $450,000 home at the start of this year, expert forecasts suggest you could gain over $90,000 in equity by 2028. That’s a substantial boost in household wealth.

Is Now the Right Time to Buy?

If growing your wealth through homeownership is a priority, the current market may offer a significant opportunity—especially with mortgage rates having recently dropped. However, it's essential to evaluate your local market conditions. A real estate professional can help you assess what’s happening in your area and guide you through the decision-making process.

According to The Mortgage Reports:
"Given the intricacies of the current market, staying informed is key. Whether you're buying or selling in 2024, having expert guidance can make all the difference."

Bottom Line

Deciding whether to buy now or wait is personal, but understanding the potential for equity growth can be a game-changer. Consulting with a local real estate agent can help you weigh your options and make an informed decision based on your financial goals and market conditions.

Ready to explore your options? Contact the Indigo Skye Group today to learn more about how the current market can work for you.

Source: Keepingcurrentmatters.com