Timing the housing market

‼️ Time IN the market VS timing the market
❓ Trying to TIME the market can cost you money
Should you buy a home now or should you wait?
That's the big question on many people's minds today!
So while what timing is actually right for you will depend on a lot of personal factors, so here's something that maybe you haven't considered.
If you're financially in a position to be able to buy at today's rates and today's prices, it honestly might be better to focus on time in the market rather than timing the market.
Trying to time the market really isn't a good strategy because things change! If anything, the last few years have shown us that!
So here's an example, for the better part of this year and honestly the end of last year, projections have said that mortgage rates will come down. That's all I've been hearing for almost a year.
While experts still agree that's what's ahead, shifts in various factors like housing market and the overall economy have pushed back the timing of when all of that will actually happen.
Here is how that's impacted home buyers who have actually been sitting on the sidelines waiting to buy a house. Interest rates are too high prices are stagnant.
As US news says "those who put off buying a home during the past last few years as they were holding out for lower mortgage rates have been left out of the market mortgage rates have stayed higher for longer than expected keeping monthly housing payments elevated in other words affordability didn't improve for those who chose to wait delaying your plans also means missing out on the equity you'd gain if you'd went ahead with a purchase and the potential Equity gains that are at stake might surprise you.
Each quarter Fanny Mae releases the home price expectations survey. Four times a year. This survey takes over a hundred economists, real estate experts and investment and market strategists & what they forecast for home prices over the next five years.
In the latest release those experts are projecting home prices will continue to rise through 2028. To give these numbers context, let's take a look at a breakdown of what you stand to gain once you buy.
For this specific example let's say you went ahead and bought a $400,000 home at the beginning of this year, 2024. Based on the expert forecast from the HPES you could gain more than $83,000 in household wealth over the next 5 years.
That is not a small number!
This data helped paint the picture of why time in the market actually matters okay I'm not going to sugar coat, it brace yourself, you need to hear this!
Right now you may be focused on what's happening with mortgage rates and how those impact your monthly payment. It is a payment driven society, I get it! But don't forget to factor in home prices.
Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home that growth is a huge perk!
That's the time in the market piece!
The time in is growing Equity!
Sure you could try to time the market but the equity you'll be missing out on in the meantime is something to really consider. If you're ready and able to buy now, you have to decide is it really worth waiting.
As US News Real Estate sums up 'there's never a one-size fits all answer to whether now is the right time to buy a home there's also no way to predict precisely what the market will do in the near future perfectly timing the market shouldn't be the goal this decision should be determined by your personal needs financial means and the time you have to find the right home.'
I couldn't have said it better myself!
Have questions? Feel free to reach out I'm happy to help any way that I can!
Have a great day!
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