Key Takeaways:
- Home prices are continuously appreciating
- Your net worth will benefit by buying a home now
- Linda Craft Team Realtors can help you start your home search today!
If you’ve been considering buying a home, you’re probably on the fence about immediately starting the process. Should I really buy now? Is it too risky? When is the best time to purchase?
While you ultimately must make the decision that’s best for you and your lifestyle, here’s some helpful information that could help you make your choice.
The Future of Home Price Appreciation
During quarter of the year, Pulsenomics surveys a national panel of economists, real estate experts, market strategists and investment strategists to gather future projections of home price appreciation. This is known as the Home Price Expectation Survey. In the document’s latest publication, it predicts that home prices will continue appreciating over the next five years (see graph below):
As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts from the unbalanced pace it saw during the pandemic. After this year, experts project home price appreciation will continue at levels that are more stable for the market.
So, you can rest easy knowing that the continuing appreciation means your investment in homeownership is worthwhile. Since you’re buying an asset that’s projected to grow in value in the years ahead, you can be rewarded with a little peace of mind.
What Happens To Your Net Worth?
You’re probably wondering how all of this could impact your net worth. To give you a better idea, here’s how a typical home could grow in value over the next few years (see graph below). These helpful statistics are based on the expert price appreciation forecasts from the Pulsenomics referenced above.
As the graph displays, even at a moderate pace of appreciation you can still make significant earnings in equity as your home grows in value. In fact, you could generate almost 103k in 5 years on a 390k purchase.
With that said, there’s no need to push back your home buying plans!
Bottom Line
Buying today can increase not only your asset’s value, but your own net worth – a double-win. If you’re ready to become a homeowner, don’t hesitate to jump-start the process, as there’s a projected growth with the ongoing home price appreciation.
Ready to get started? Connect with Linda Craft Team Realtors to begin your home buying process today!