Deciding whether to buy a house now or wait involves many factors. From market conditions to your changing personal needs, there’s a lot to consider. However, generally speaking, trying to time the market is not a good strategy. It’s difficult to predict because there are too many variables at play.
This is why experts typically recommend staying in the market long-term rather than trying to time it perfectly. In other words, if you want to buy a house and are financially able to do so, the sooner, the better. This is because, regardless of where the real estate market is heading, purchasing now allows you to start building equity immediately.
Here’s a housing price forecast survey released by Fannie Mae every quarter. This survey asks over 100 economists, real estate experts, and market strategists for their housing price predictions over the next five years. In the latest release, experts predict that housing prices will
continue to rise at least until 2029, but not at the rapid pace we've seen in recent years.
But what does this mean for you? The following graph shows the typical housing value increases in the coming years, using the HPES forecast. This is the capital gain you could start building if you purchase a home in early 2025.
For example, let’s assume you buy a $400,000 home this January. According to HPES experts, over the next five years, your household wealth could increase by over $83,000. That’s no small amount. If you continue renting, you’ll miss out on this capital gain.
Although there are several challenges in today’s market, buying a home makes sense in the long run. If you want to buy, don’t give up. Look for more affordable areas, consider condos or townhomes, or explore down payment assistance programs—there are creative ways to make purchasing possible.
Yes, you could wait. But if you're waiting to perfectly time the market, here's what you might miss. And that decision is yours to make.
Finally, if you're still unsure about whether to buy now or wait, remember that staying in the market long-term is far more important than trying to time it. If you feel ready to get started, consider consulting with a real estate agent today.
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