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Whether you’re thinking about selling, or getting ready to buy, what homes cost now and in the near future comes into play.
“You may have seen some negative news about home prices over the past year,” says Erin Hunkemoeller, Sales Associate at ERA Justin Realty, “But the truth is that while there was a dip during the winter of 2022, prices roared back starting early spring of this year and were back at the heights seen in 2022 by the end of the summer .”
Pulsenomics polled over 100 economists, investment strategists and housing market analysts for its latest Home Price Expectation Survey. It found that most of those polled predict home prices will go up every year between 2% and 3% through at least the year 2027.
“That’s five years of consistently rising prices,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “This means if you want to buy, but are waiting to see if prices will come down, you’re not going to see them lower than what they are today. The time to buy is now.”
Sellers who think they missed the prime time to sell during the pandemic should rethink their expectations. “The bloated over-asking offers we saw during the pandemic was abnormal. Smaller but consistent rises in prices is a return to normalcy in the real estate market,” says Hunkemoeller, “Plus, inventory remains low nationwide. That’s part of what is driving prices up and still leading to bidding wars in some areas.”
Let’s look at the numbers. According to the Pulsenomics panelists, if you own a home that’s worth $400,000 this year, it will be worth more than $471,000 by the year 2028. “That’s consistent growth in equity,” says Metzger, “And added wealth to your household, whether you’re a seller or a first time homeowner.”
If you’re thinking about whether buying a home is a good choice right now, remember it can be a powerful way to build wealth in the long run. Erin Hunkemoeller or any of the agents at ERA Justin can help you find a home and watch your net worth grow. Give us a call at (201) 939-7500.
