Should I Buy a Home Right Now?

<article class="post-372548 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-372548"><span class="entry-date">July 13, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Should I Buy a Home Right Now?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Should+I+Buy+a+Home+Right+Now%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fshould-i-buy-a-home-right-now%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Should I Buy a Home Right Now? | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140150/20220713-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140150/20220713-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140150/20220713-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’ve been thinking about <a href="https://www.simplifyingthemarket.com/2022/06/28/a-key-opportunity-for-homebuyers/?a=712984-fa409495d5d70154d03a25e81e9540e2">buying a home</a>, you likely have one question on the top of your mind: <em>should I buy right now, or should I wait?</em> While no one can answer that question for you, here’s some information that could help you make your decision.<span id="more-46819"></span></p>
<h4><strong>The Future of Home Price Appreciation</strong></h4>
<p>Each quarter, <em>Pulsenomics </em><a href="https://pulsenomics.com/surveys/#home-price-expectations">surveys</a> a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of <a href="https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=712984-fa409495d5d70154d03a25e81e9540e2">home price appreciation</a>. The output is the <em>Home Price Expectation Survey. </em>In the latest release, it forecasts home prices will continue appreciating over the next five years (<em>see graph below</em>):</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140148/20220713-MEM-Eng-1.png"><img alt="Should I Buy a Home Right Now? | Simplifying The Market" class="aligncenter wp-image-46820" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140148/20220713-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140148/20220713-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140148/20220713-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p>As the graph shows, the rate of appreciation will moderate over the next few years as the <a href="https://www.simplifyingthemarket.com/2022/06/14/is-the-housing-market-correcting/?a=712984-fa409495d5d70154d03a25e81e9540e2">market shifts</a> away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will continue, but at levels that are more typical for the market. As Lawrence Yun, Chief Economist at the <em>National Association of Realtors</em> (NAR), <a href="https://www.marketplace.org/2022/05/18/signs-that-red-hot-housing-market-may-be-cooling-down/">says</a>:<em> </em></p>
<blockquote>
<p><em>“People should not anticipate another double-digit price appreciation. Those days are over</em><em>. . . .</em><em> <strong>We may return to more normal price appreciation of 4%, 5% a year</strong>.”</em></p>
</blockquote>
<p>For you, that ongoing appreciation should give you peace of mind <a href="https://www.simplifyingthemarket.com/2022/07/01/real-estate-consistently-voted-best-investment-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">your investment</a> in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead.</p>
<h4><strong>What Does That Mean for You?</strong></h4>
<p>To give you an idea of how this could impact your <a href="https://www.simplifyingthemarket.com/2021/08/30/the-difference-in-net-worth-between-homeowners-and-renters-is-widening/?a=712984-fa409495d5d70154d03a25e81e9540e2">net worth</a>, here’s how a typical home could grow in value over the next few years using the expert price appreciation projections from the <em>Pulsenomics</em> survey mentioned above (<em>see graph below</em>):</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140152/20220713-MEM-Eng-2.png"><img alt="Should I Buy a Home Right Now? | Simplifying The Market" class="aligncenter wp-image-46822" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140152/20220713-MEM-Eng-2.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140152/20220713-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/07/12140152/20220713-MEM-Eng-2-400×300.png 400w" width="650"/></a></p>
<p>As the graph conveys, even at a more typical pace of appreciation, you still stand to make significant <a href="https://www.simplifyingthemarket.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">equity gains</a> as your home grows in value. That’s what’s at stake if you delay your plans.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re ready to become a homeowner, know that buying today can set you up for long-term success as your asset’s value (and your own net worth) is projected to grow with the ongoing home price appreciation. Let’s connect to begin your homebuying process today.</p>
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