Many people are asking this question these days. The right answer for you depends on various factors, but there’s one critical point to consider when making your decision: asset growth.
The Start of Asset Growth
The moment you buy a home, you begin building equity. Even if home price increases are moderate, your asset can grow faster than you might expect.
Housing Price Projections
Fannie Mae releases a Quarterly Housing Price Survey, which gathers predictions from over 100 economists, real estate experts, and market strategists about the next five years of home prices. According to the most recent data, home prices are expected to continue rising nationwide through 2028.
While home prices can vary by region, the overall trend shows steady growth. Though the rate of increase will fluctuate year by year, the key takeaway is that prices are expected to rise annually, even if gradually.
Building Wealth with Homeownership
The current rise in home prices may feel discouraging, but once you own a home, that growth translates into your personal asset. Below is a graph illustrating the potential asset accumulation based on expert projections and the typical appreciation of a home's value over time.
For example, if you bought a home worth $450,000 at the beginning of this year, experts at HPES project that you could build more than $90,000 in equity over the next five years—quite a substantial gain.
Is Now the Right Time?
If you’re ready to buy and building your wealth is a priority, this could be a great opportunity, especially with current mortgage rates declining. It might be the perfect time to consider making a move.
Conclusion
Ultimately, the decision to buy a home or wait is highly personal. However, it’s worth seeking the perspective of professionals. They won’t pressure you but can offer insights on factors you may not have considered, like the wealth you could accumulate through homeownership.
If you're curious about the current market conditions in Illinois and how they relate to your situation, feel free to reach out!
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