From Your President of the Pee Dee REALTOR ® Association
Does It Make Sense To Buy a Home Right Now ?
Amy McCalman Kirby
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 ):
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 :
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 .
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 with a local REALTOR to start looking for your next home today .
10 - REAL ESTATE WEEKLY www . peedeerealestateweekly . com Equal Housing Opportunity