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Does It Make Sense To Buy a Home Right Now?
Wednesday, March 20, 2024
Does It Make Sense To Buy a Home Right Now?
Wednesday, March 20, 2024
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
Hi, I Am Kim Dorman
Long & Foster Realtor
As your real estate agent, I hope you’ll think of me as your trusted advisor, your practiced negotiator, your skilled house-hunter and your neighborhood expert. Whether you’re buying, selling, renting or just looking, I’ll diligently work for you every step of the way. My goal is to deliver a joyful, seamless experience at every phase of the home buying or selling journey.
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TESTIMONIALS
Hear What Others Say
Kim Dorman, with Long and Foster Real Estate, went above and beyond in handling the recent sale of our home! She gave us lots of information on all the steps involved in selling, as well as excellent recommendations for contractors for any needed repairs. She was very knowledgeable about all the steps involved and very willing to explain the whole process. We would definitely recommend her to anyone looking to buy or sell their home!
DONNA
We called Kim, once again, to help us find our home upon our return to the area. She was quickly responsive and strove to understand all of our desires for a new home, and advised us in all aspects of the search. She helped us to quickly find a home we love, answered or sought answers to any questions we came up with, and walked us through the entire process from the search to the closing. Kim is a brilliant advocate and is vastly experienced. We highly recommend her for any real estate need.
JACK
Being a first time home buyer, my boyfriend and I were a little nervous about the home-buying process. Kim right away made us feel at ease and was able to speak to us first about the process before going all in. She discussed the housing market and what we can expect.... We are very happy with Kim and would strongly recommend using her for buying or selling your home.
RACHEL
Kim has truly been a lifesaver for our family - we had a cross-country move in a very tight timeframe (during COVID-19, no less) and she helped us find a home that met our needs even with all of that working against us. She was very professional, extremely responsive, and thorough to ensure we found the right place for us. We really enjoyed working with her on a personal level, too! She is fantastic!
ALYCE
Kim is amazing! She is easy going and full of energy and helped us find our perfect home. She then made dealing with a very difficult seller seem effortless. I would definitely (and have) recommend her to family and friends. Don't hesitate to have Kim Dorman help you with buying or selling!
MATT
Kim puts her clients first and is willing to go the extra mile to assist them. She is very knowledgeable and very thorough in answering questions and providing information we weren't aware that we needed. She is very reliable and accessible, both by phone or email. We have already recommended her to others and will happily do so again. We will gladly work with her again when it comes time to sell our house.
NANCY
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