Does It Make Sense To Buy a Home Right Now?
Megan A. Luther March 25, 2024
Megan A. Luther March 25, 2024
Thinking about buying a home? If so, you're probably wondering: Should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide.
Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices.
In the latest survey, those experts say home prices are going to keep going up for the next five years (see graph below):
Here’s what all the green on this chart should tell you. They’re not expecting any price declines. Instead, they’re saying we’ll see a 3-4% rise each year.
And even though home prices aren’t expected to climb by as much in 2025 as they are 2024, keep in mind these increases can really add up over time. It works like this. If these experts are right and your home's value goes up by 3.78% this year, it's set to grow another 3.36% next year. And another 3.87% the year after that.
Knowing that prices are forecasted to keep going up should make you feel good about buying a home. That’s because it means your home is an asset that’s projected to grow in value in the years ahead.
If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using expert projections from the HPES. Check out the graph below:
In this example, imagine you bought a home for $400,000 at the start of this year. Based on these projections, you could end up gaining over $83,000 in household wealth over the next five years as your home grows in value.
Of course, you could also wait – but if you do, buying a home is just going to end up costing you more.
If you're thinking it's time to get your own place, and you’re ready and able to do so, buying now might make sense. Your home is expected to keep getting more valuable as prices go up. Let’s team up to start looking for your next home.
Stay up to date on the latest real estate trends.
March 10, 2025
Mortgage rates have been trending down lately – and that gives you a chance to jump back in.
February 18, 2025
Some homeowners hesitate to sell because they’ve got unanswered questions that hold them back.
December 21, 2024
As the weather cools down, the housing market can too – and that works in your favor.
November 8, 2024
At a high level, let’s break down what’s happening and the best way to navigate it.
Buyers
October 26, 2024
As rates came down at the end of the summer, sellers started to trickle back into the market.
Homeowners
October 20, 2024
Grand County is a very unique market that takes deep experience to understand.
Real Estate + Economy
October 15, 2024
To give you a ballpark of what to expect, here’s information on the expenses you’ll want to be ready for.
Homeowners
October 5, 2024
Seeing your house sit on the market without any bites is the ultimate frustration.
Mountain Communities
September 22, 2024
With the right experts on your side, you can make sure you’re prepared.
Partner with us, and let's turn your house-hunting adventure into an exciting journey. Your perfect place is just around the corner, and we're here to help you discover it!