Should You Buy a Home Now or Wait? Here’s What to Consider

Deciding whether to buy a home now or hold off is a question on the minds of many. While the right decision depends on your unique situation, here’s one key factor to consider: building equity.

When you buy a home, you immediately start gaining equity, and that can accumulate faster than you might think, even with moderate home price appreciation.

Each quarter, Fannie Mae releases its Home Price Expectations Survey (HPES), which gathers insights from over 100 economists, real estate experts, and market strategists. The latest survey shows that home prices are expected to rise nationally through at least 2028.

While local markets—such as here in Thousand Oaks, Westlake Village, Agoura Hills, and Newbury Park—may vary, the forecast is clear: home prices are expected to continue climbing. The increase may be more moderate in some years, but overall, home values will trend upward, building equity for homeowners year after year.

Now, let’s talk about what this means for you. Let’s say you purchase a $1,000,000 home today. Based on expert projections from the HPES, you could potentially gain over $202,127 in equity within the next five years. That’s significant wealth accumulation simply by owning a home.

If growing your wealth and establishing equity is a priority for you, now may be the perfect time to consider buying. With mortgage rates trending downward, this could be your window to enter the market.

Of course, it’s important to make an informed decision. Working with a real estate professional who knows the Conejo Valley market can provide clarity on local home prices and trends that directly impact your investment. As The Mortgage Reports states:

“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” 

Bottom Line

Whether you decide to buy a home now or wait, having an expert on your side can help you navigate the market. If you’re curious about how home prices in Thousand Oaks, Agoura Hills, Newbury Park, or Westlake Village could affect your decision, we’re here to help. Let’s connect to discuss your options and explore how you can build equity and wealth through homeownership in the Conejo Valley.