Why Buying Now is Worth It: Breaking Down the Benefits of Homeownership in 2024

Why Buying Now is Worth It: Breaking Down the Benefits of Homeownership in 2024

As we enter the final quarter of 2024, many potential homebuyers find themselves at a crossroads—should they buy now or wait? While holding off and seeing if the market shifts is tempting, this infographic makes a compelling case for why buying now is a smart financial move. 

Experts Forecast Home Prices Will Continue to Rise

The first key point from the infographic is the forecast for home price appreciation over the next five years. Even though price growth is expected to be more moderate than in recent years, the projections still indicate a steady increase. From 2024 to 2028, home prices are expected to rise year-over-year as follows:

• 2024: 4.73%
• 2025: 3.11%
• 2026: 3.29%
• 2027: 3.75%
• 2028: 3.88%

This gradual increase highlights the importance of getting into the market now. The longer you wait, the more you could pay for the same home. Even at a slower growth rate, home prices are expected to climb significantly, which can benefit homeowners through increased equity.

The Power of Equity: What You Stand to Gain

One of the most powerful benefits of homeownership is the potential to build equity, and this infographic does a great job of illustrating just how much you could gain—or lose—depending on your timing.

The forecasted price appreciation over the next five years means that if you buy a home valued at $450,000 today, you could see a potential increase in your home’s value by more than $90,000. This increase comes from the natural price growth in the market. By 2029, that same home could be worth approximately $540,957.

That’s a substantial gain in equity—money that could be used for future investments, renovations, or retirement. The longer you wait, the more equity you miss out on, and that’s a significant opportunity cost.

Don’t Miss Out: Why Waiting Could Cost You

While waiting for the market to cool down potentially might seem like a good idea, the infographic emphasizes the risks of holding off. The projected steady rise in home prices means that, as time goes on, you could end up paying more for a similar home and missing out on the chance to build equity right away.

If you're financially ready and able to buy, this data suggests that now is the time to act. Every month you wait could mean higher prices and a missed opportunity to start growing your wealth through homeownership.

Key Takeaways:

• Home Prices Will Rise: Even with more moderate growth, prices are expected to steadily increase through 2028.
• Equity Gains Are Significant: Buying now could allow you to gain more than $90,000 in equity over the next five years.
• Delaying Can Be Costly: Waiting could result in paying more for a home and missing out on equity growth.

Final Thoughts

This infographic paints a clear picture: if you're on the fence about buying a home, now is the time to move. The market may seem intimidating, but the benefits of purchasing a home in 2024 far outweigh the risks of waiting. With prices projected to rise and equity opportunities increasing, buying a house now can set you on a path to financial growth and stability.

If you’re ready to discuss your options and start your home-buying journey, reach out today. Let’s connect and help you start building wealth through real estate!