Mortgage
If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors are important, there's more to consider. You should think about the long-term benefits of homeownership too.
Think about this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 76% of respondents say they believe buying a home is a safe investment.
Here’s a look at how just the home price appreciation piece can really add up over the years.
The map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy price gains have been over the last five years. And, since home prices vary by area, the map is broken out regionally to help convey larger market trends:
If you look at the percent change in home prices, you can see home prices grew on average by just over 57% nationwide over a five-year period.
Some regions are slightly above or below that average, but overall, home prices gained solid ground in a short time. And if you expand that time frame even more, the benefit of homeownership and the drastic gains homeowners made over the years become even clearer (see map below):
The second map shows, nationwide, home prices appreciated by an average of over 297% over a roughly 30-year span.
This nationwide average tells you the typical homeowner who bought a house 30 years ago saw their home almost triple in value over that time. That’s a key factor in why so many homeowners who bought their homes years ago are still happy with their decision.
And while you may have heard talk throughout the year that home prices would crash, it hasn’t happened. In fact, experts project home prices will continue to rise for years to come.
If you’re wondering if it still makes sense to buy a home today, it's important to focus on the long-term advantages that come with homeownership. When you’re ready to start your homebuying journey, let’s chat.
Stay up to date on the latest real estate trends.
Mortgage
An inspection is your chance to avoid costly headaches and get peace of mind
Mortgage
If you want or need to move this year, know that the experts say things should start looking up
Mortgage
Homes that sell quickly don’t necessarily have better features – they have better agents and a better strategy.
Mortgage
Homeownership is generally viewed as a preferred long-term investment
Mortgage
Many loan options require much less
Mortgage
Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too
New Listing
2 beds | 2 baths | 1,971 sq ft
Mortgage
Let’s take a look at some historical data to show what’s happened in the housing market during each recession
Mortgage
Some areas are still super competitive for buyers, while others are seeing more homes sit on the market
You’ve got questions and we can’t wait to answer them.