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):
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:
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. Let’s team up to start looking for your next home today.
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Timo Rivetti has been serving his clients with a highly individualized service tailored to specific needs and requirements since 1998. Unparalleled knowledge and expertise in the region is invaluable when it comes to buying and selling real estate. Hiring an agent who knows the area inside out makes all the difference in a competitive market. Timo and his team of experienced professionals work with each and every client to find and secure the perfect property at the best price, with all of the required amenities in the right neighborhood. When it’s time to make a move, call Timo.
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WHY NAVIGATE REAL ESTATE
If you live here already, you know how blessed we are. If you're considering living or investing here, you've probably experienced some of the area's extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you've arrived at the right spot. Whether you're looking to buy your first home - or to sell an estate - expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals.
Timo Rivetti
Broker Assoc. Managing Partner
NavigateRE
707.477.8396
timo@rivettiteam.com
DRE Lic# 01240796
DRE Lic# 02221115
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