With today’s ever-changing market, many potential homebuyers are asking themselves: Should I buy a home now, or wait? While the decision ultimately depends on your personal situation, there’s an important factor you should consider—building equity.
The moment you purchase a home, you begin to build equity, and even with moderate price appreciation, that equity can grow faster than you think.
Each quarter, Fannie Mae publishes the Home Price Expectations Survey (HPES), gathering insights from over 100 economists, real estate professionals, and market experts. According to the latest report, home prices are expected to rise nationwide through at least 2028.
While appreciation rates can differ based on location, the key takeaway is that home prices are projected to increase steadily over the next few years, even if at a more moderate pace than we’ve seen recently.
This may sound daunting when considering current home prices, but once you’ve purchased, rising values work in your favor—boosting your equity and long-term wealth. For example, if you bought a home valued at $450,000 earlier this year, projections from the HPES show you could gain over $90,000 in equity in the next five years.
If building wealth is important to you, buying a home sooner rather than later could be a great opportunity. With mortgage rates seeing a decline, this may be the perfect moment to make a move.
At the McGuire Team, we’re here to guide you through the process. We understand that the decision to buy is deeply personal and can feel overwhelming. That’s why we provide you with up-to-date information on home prices in your area and help you weigh all your options.
As The Mortgage Reports highlights:
“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.”
Deciding whether to buy now or wait is a significant choice, but understanding the long-term equity gains can be a game-changer. If you’re ready to explore your options, we’re here to help—without pressure, just expert advice tailored to your needs. Let’s connect and discuss what makes sense for your next move.
