It's the Best Week to Buy. Should you?

This is the week that is the best of the year to buy a home. That’s according to research from realtor.com.

So, should you buy a home now or continue to wait? The right answer for you is going to depend on a lot of different factors. So, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectation Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

While home prices are going to vary depending on where you live, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.

On Cape Cod, prices are up 6.6% comparing this year to last.

While rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below is an example of how much equity is at stake:

In this example, the buyer gained more than $90,000 in household wealth over five years. That’s significant.

So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you with this being statistically the best week to buy in 2024 . And now that mortgage rates have fallen, it may be time to make the change you know you need. Whether your home is too big, too small, or it’s just time to be where you really want to be, don’t miss out on the opportunity.

Bottom Line

Your decision to buy now or wait is a very personal one.

If you want help weighing your options and thinking through how current market factors can impact your decision, we’re here to help. Just let us know how we can at 508-360-5664 or [email protected].

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice.