Thinking aboutbuying a home in Houston? 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.
Each quarter,Fannie Mae andPulsenomicspublish the results of theHome Price Expectations Survey(HPES). It asks more than 100 expertseconomists, real estate professionals, and investment and market strategistswhat they think will happen withhome prices.
In thelatest 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 is telling you. They're not expecting any price declines. Instead, they're saying we'll see a 3-4% riseeach 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.
Knowing that prices are forecasted to keep going up should make you feel good aboutbuying 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 theHPES. 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 as the prices drive up.
If you're thinking it's time to get your own place, and you're ready and able to do so, buying a home now might make sense. Your home is expected to keep getting more valuable aspricesgo up. Teaming up with a localreal estate agent in Houstonis a great first step to start looking for your next home today!
Other Resources:
Begin your home search here: www.newrootstx.com
Or, complete this FORM about your preferences and I'll create a personalized search for you and send you the results!!
Until next time,
Jenny, your Houston Realtor
832.360.6350
(Source: Keeping Current Matters
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