Home prices have been widely discussed over the past year, with various opinions on whether they will decrease significantly or appreciate slightly depending on location. As we approach the spring real estate market, experts continue to predict what will happen with home prices in the coming year.
According to Selma Hepp, Chief Economist at CoreLogic, recent mortgage rate volatility highlights the uncertainty in the housing market. However, the continued shortage of available homes for sale will likely keep any potential price declines modest, projected to peak at 3% overall.
In addition to this, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts every quarter regarding their five-year expectations for future home prices in the United States.
So, if you’re considering buying a home this spring, here are three reasons to consider making a move:
- Buying a home helps you avoid the cycle of rising rents, as the median price of rent has consistently increased over the past few decades.
- Homeownership is a hedge against inflation, providing a secure housing payment with a fixed-rate mortgage.
- Homeownership is a powerful wealth-building tool, with the average net worth of a homeowner being $255,000 compared to just $6,300 for a renter.
While experts are predicting slight price depreciation in the housing market this year, followed by steady appreciation, it’s essential to consider all the facts and seek expert advice before purchasing a home.
Before putting your homeownership plans on hold, connect with me, and Let’s review your options and make the most informed decision for your future.