Why Buying Now May Be Worth It in the Long Run

Should you jump into the Triangle Area market now or hold off? It’s a question many potential Raleigh homebuyers are asking. While your personal circumstances will play a big role in the decision, there’s one important factor to keep in mind as you weigh your options.

Buying now means you start building equity right away. Even with moderate price increases, your home equity can grow faster than you might expect.

Each quarter, Fannie Mae publishes the Home Price Expectations Survey, which gathers insights from over 100 economists, real estate professionals, and market strategists. Their latest projections show that home prices are expected to rise nationally every year through at least 2028 (see the graph below):

While local markets will vary, this data indicates a steady upward trend in home prices nationwide. The rate of growth may shift from year to year, but the key takeaway is clear: experts forecast that prices will continue to climb.

Rising home prices may not sound ideal if you’re buying, but once you own a Triangle Area home, that price growth works in your favor. Take a look at the graph below, which uses a typical home’s value and expert forecasts to illustrate potential equity gains:

For example, if you purchased a $450,000 home at the beginning of this year, you could build more than $90,000 in equity over the next five years, based on the latest projections. That’s a significant boost to your household wealth.

If you’re ready and able to buy a Triangle Area home, and building wealth is one of your goals, now could be an excellent opportunity to make a move. With mortgage rates recently declining, it’s a good time to explore your options.

To make the most informed decision, it’s essential to work with a trusted professional. They’ll provide insights into home price trends in your area and help you understand how those trends could affect your long-term equity. As The Mortgage Reports explains:

Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” 

Bottom Line

Deciding whether to buy now or wait is a deeply personal choice, but having expert guidance can make the process smoother. A professional can help you see the bigger picture, including the potential equity gains you may not have considered.

If you’d like to discuss your options and see how today’s market aligns with your goals, contact Linda Craft Team Realtors.