Leave a Message

Thank you for your message. We will be in touch with you shortly.

Does It Make Sense To Buy a Home Right Now?

Does It Make Sense To Buy a Home Right Now?

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.

What’s Next for Home Prices?

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):

 a graph of green bars

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.

What Does This Mean for You?

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:

 a graph of growth in a chart

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. 

Bottom Line

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. Teaming up with a local real estate agent is a good first step to start looking for your next home today.

 

Courtesy of Keeping Current Matters

 

Recent Blog Posts

Haunting Happenings in Morris County, NJ: Your 2024 Guide to Halloween Fun

As the leaves turn vibrant shades of orange and gold, Morris County, NJ, is gearing up for a Halloween season filled with frightful fun and festive activities for all … Read more

Hey Boo. It's Halloween in Union County NJ!

As the crisp autumn air rolls in and the leaves start to fall, Union County, NJ, is preparing for a Halloween season filled with thrilling events and festive activitie… Read more

Spooktacular Events in Essex County, NJ: Your Guide to Halloween 2024

As the leaves turn and the air cools, Essex County, NJ, is gearing up for a hauntingly good Halloween season in 2024. Whether you’re a resident or considering a move t… Read more

The Best Time To Buy a Home This Year

A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying searc… Read more

2025 Housing Market Forecasts: What To Expect

Looking ahead to 2025, it’s important to know what experts are projecting for the housing market. And whether you’re thinking of buying or selling a home next year, ha… Read more

You Bought It. Now Maintain It.

Congratulations on your new home! Buying a house is a significant milestone and an exciting adventure.  However, homeownership comes with responsibilities, including m… Read more

111 To Do's To Buy A Home

So you're ready to buy a home. Here are 111 possible to do's to make your dream happen. Or, scroll to the end to see how to make the process so much easier.

ChatGPT Discover Essex County NJ This Summer: Festivals, Attractions, and More!

Welcome to Essex County, New Jersey, where summer comes alive with a vibrant array of festivals, attractions, water sites, music, and so much more.

The Drawbacks of Selling Your Home Without a Realtor

Selling your home without the assistance of a realtor might seem like a viable option to save on commission fees. However, navigating the complexities of the real esta… Read more

Hey, before you go!

Want to stay one step ahead of the market? Sign up to be on Dyanna's VIP mailing list to receive exclusive listings, real estate news and a lot more.