With the current uncertainty about the economy triggered by a potential trade war, some people are telling themselves to wait to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.
So do I. And there lies the rub. How to tell you, without sounding like a pushy, anxious real estate agent, that NOW is always a better time to buy. Let me try to explain myself. First with a chart!
Here is a table showing the predicted levels of appreciation from six major housing sources:
As you see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate. Hello there answers!
So there you are. Waiting for prices to fall before purchasing a home needs to account for the probability of that happening anytime soon to be very low. With mortgage rates still at near historic lows, even with the most recent blips, now is very much the time to act. If you are using random advice cobbled from conversations about spooked friends who are upset they missed out, take care to acknowledge your sources. Don't just take our word for it, look at even more data, to make a truly informed decision.
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