Considering purchasing a home in Conejo Valley (Agoura Hills, Thousand Oaks, Simi Valley, Westlake Village)? Contemplating whether now is the right time or if waiting is a better option? We can't decide for you, but here's some insight to aid your decision-making process.

Predictions for Home Prices Every quarter, Fannie Mae and Pulsenomics conduct the Home Price Expectations Survey (HPES), gathering insights from over 100 experts in economics, real estate, investment, and market strategy. Their latest findings suggest a continuous upward trajectory in home prices over the next five years (refer to the graph below):

Interpreting the bars on the chart, experts foresee no decline in prices, anticipating a 3-4% annual increase.

While the projected growth rate for 2025 may not match that of 2024, it's essential to recognize the cumulative effect of these incremental increases. For instance, if your home's value rises by 3.78% this year, it's projected to appreciate by 3.36% the following year, and so forth.

Implications for Buyers Understanding the forecasted price trends should instill confidence in your decision to buy a home. It signifies that your property is poised to appreciate in value in the coming years.

For those still on the fence, consider the tangible impact illustrated in the following graph, depicting the potential growth in a typical home's value:

Suppose you purchased a home for $1,000,000 at the beginning of this year. Based on expert projections, your household wealth could increase by over $208,462 in the next five years as your property appreciates.

Delaying your purchase may result in higher costs down the line.

In Conclusion If you're feeling the urge to secure your own piece of real estate and possess the means to do so, buying now aligns with the forecasted trend of increasing home values. Let's collaborate to kickstart your home search journey today.