Should I buy a home right now, or should I wait until things settle down? This question is probably running through your head if you've been giving home ownership some thought recently. Although no one can provide you with an answer to that issue, the following information may be of use to you as you make your choice.
The Future of Home Price Appreciation
Pulsenomics surveys over 100 economists, real estate professionals, and investment and market strategists quarterly to predict home price appreciation. The latest report predicts property prices will rise over the next five years (see graph).
The graph shows the market will slow from its unsustainable pace during the pandemic. As the market recovers from the pandemic, this will change. Analysts predict home price appreciation to continue beyond this year, although at more normal levels.
You can rest easy knowing that your decision to become a homeowner was good because of the expected appreciation.
What Does That Mean for You?
To give you an idea of how this could affect your net worth, here is how the value of a specific property could develop over the next few years based on the estimates of price appreciation made by industry experts in the Pulsenomics poll that was referenced earlier (see graph below):
As the graph illustrates, even if the rate of growth in your neighborhood is more ordinary, you still have the potential to generate considerable equity gains as the value of your property rises. This is what you risk by delaying the implementation of your plans.
If you are interested in purchasing a home and are prepared to do so, you should be aware that buying a house now can position you for long-term success. The value of your asset (as well as your net worth) is expected to increase with the continued home price appreciation. Connect with me so that we can get started on the process of you purchasing a property right away.
