Should You Buy a Home This Spring? Experts Weigh In on the Housing Market and Future Home Prices
Over the past year, the topic of home prices has been widely debated by experts and the general public alike. While some forecast a massive drop in prices, reminiscent of the 2008 financial crisis, others believe that the real estate market will experience slight appreciation or depreciation, depending on the area of the country. As we approach the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.
At CoreLogic, Selma Hepp, the Chief Economist, believes that the continued shortage of for-sale homes will keep price declines modest, projected to top out at 3% peak to trough, despite recent mortgage rate volatility. Additionally, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts every quarter, seeking their five-year expectations for future home prices in the United States.
So, should you buy a home this spring? Here are three reasons why you should consider taking the plunge.
##Escape the Cycle of Rising Rents
Over the past few decades, the median price of rent has consistently risen, making it increasingly difficult for renters to keep up. In many cases, renting becomes more expensive than owning a home. By buying a home, you will be investing in yourself and your future by providing yourself with a place to live that you own. You will be able to escape the cycle of rising rents and have more control over your monthly expenses.
##Hedge Against Inflation
One of the best hedges against inflation is homeownership. By buying a home with a fixed-rate mortgage, you secure your housing payment, which will not go up like it would if you were to rent. When you own a home, you are in control of your housing expenses, and you can better manage your finances. Owning a home is an investment that can help you build your wealth over time.
##Powerful Wealth-Building Tool
According to a recent study, the average net worth of a homeowner is $255,000 compared to just $6,300 for a renter. By owning a home, you can build equity over time, which can be used to fund future investments or to help you achieve your financial goals. When you own a home, you are investing in yourself and your future, and you are taking a significant step towards building long-term wealth.
Experts are predicting slight price depreciation in the housing market this year, followed by steady appreciation. If you are considering buying a home this spring, it is important to make an informed decision with the help of an expert.
##Bottom Line
Reach out to a local real estate professional to make the most informed decision about your next move. Buying a home is a significant investment, and you want to make sure that you are making the right decision for your future. By owning a home, you can escape the cycle of rising rents, hedge against inflation, and build long-term wealth.
The Braun Team at Leslie Wells Realty Parrish, FL Realtors (941) 363-1569 https://g.co/kgs/3TLsTV
Florida Leslie Wells Realty
