Is this the right time to buy a home? If you are looking to build wealth as a homeowner, now is the time to buy!
Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, expects home appreciation to increase as follows:
- 2021: 6%
- 2022: 4.5%
- 2023: 4%
- 2024: 3.6%
- 2025: 3.5%
Using their annual projections, the graph below shows the equity build-up a purchaser could earn, using a $350,000 home as an example:
In just five years a homeowner could potentially increase their net worth by over $80,000, which is an average of $16,000 a year.
The financial benefits of buying a home make it clear that buying now is much more advantageous then waiting a year. Homeowners are going to make a substantial amount of money in home equity over the next five years, and their buying power is higher with the current lower interest rates. If you’re ready to buy a home, talk with a #1 Properties real estate professional today so you can enjoy this great benefit as well.