At some point, you’ve probably heard the saying: “Yesterday was the best time to buy a home, but the next best time is today.”
That’s because homeownership is about the long game – and home prices typically rise over time. So, while you may be holding out for prices to fall or rates to improve, you should know that trying to time the market rarely works.
Here’s what most buyers don’t always think about: the longer you wait, the more buying could cost you. And you deserve to understand why.
Forecasts Say Prices Will Keep Climbing
Each quarter, over 100 housing market experts weigh in for the Home Price Expectations Survey from Fannie Mae, and they consistently agree on one thing: nationally, home prices are expected to rise through at least 2029.
Yes, the sharp price increases are behind us, but experts project a steady, healthy, and sustainable increase of 3-4% per year going forward. And while this will vary by local market from year to year, the good news is, this is a much more normal pace – a welcome sign for the housing market and hopeful buyers (see graph below):
And even in markets experiencing more modest price growth or slight short-term declines, the long game of homeownership wins over time.
So, here’s what to keep in mind:
Next year’s home prices will be higher than this year’s. The longer you wait, the more the purchase price will go up.
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