Two Questions To Ask Yourself if You’re Considering Buying a Home
If you’re thinking of buying a home, chances are you’re paying attention to home prices and mortgage rates. Here are the top two questions you need to ask yourself – and what the data says – as you make your decision. 1. Where Do I Think Home Prices Are Heading? One reliable place you can turn to for that information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are projecting between 2.17% and 4.18% appreciation every year for the next five years ( see the graph below ). The worst price declines are already behind us, and prices are appreciating again. The green in the graph below shows prices are expected to keep appreciating this year and beyond.
Estimated Home Price Performance December to December, as Forecasted in Q3 2023
4.18%
3.79%
3.32%
3.24%
2.17%
2023
2024
2025
2026
2027
Source: HPES
So, why does this matter to you? It means your home will likely grow in value and you should gain home equity in the years ahead, but only if you buy now. If you wait, based on these forecasts, the home will only cost you more later on.
7
Made with FlippingBook - professional solution for displaying marketing and sales documents online