You’ve probably heard the saying, “Yesterday was the best time to buy a home, but the next best time is today.” That’s because home values continue to rise nationwide. With mortgage rates still high, you may be waiting for prices to fall or trying to time the market perfectly—but waiting could cost you in the long run.
Home Prices Are Still Rising—Just at a More Normal Pace: The idea that prices will drop significantly is unlikely in most markets. According to the Home Price Expectations Survey from Fannie Mae, analysts predict prices will keep rising through at least 2029.
While the rapid spikes of previous years have slowed, experts project a steady, sustainable increase of around 3–4% per year. This is a much more typical pace—a positive sign for hopeful buyers.
What This Means for You: While it’s tempting to wait for lower prices or mortgage rates, consider this:
Home prices will likely be higher in the future, meaning waiting may cost more.
Even if rates dip, rising prices could still make waiting more expensive overall.
Buying now means you start building equity sooner.
For example, purchasing a $400,000 home today could mean an increase in value of over $83,000 in five years—money in your pocket instead of being left on the sidelines.
Why Aren’t Prices Dropping? It’s All About Supply and Demand: Although there are more homes for sale than last year, there still aren’t enough to meet buyer demand. This keeps upward pressure on prices. As many economists have stated, prices are expected to rise at similar rates as the second half of 2024 due to an overall lack of inventory to meet buyer demand.
While every market is different, most areas will see moderate price growth. A national drop? Not likely.
Bottom Line—Time in the Market Beats Timing the Market: Real estate rewards those who enter the market, not those who try to time it perfectly. While today’s market has challenges, options exist—exploring different neighborhoods, considering condos or townhomes, discussing financing alternatives, or using down payment assistance programs. The key is making a move when it makes sense for you rather than waiting for a perfect scenario that may never come.
Home prices are rising in Corvallis and Albany as shown in the Local Appreciation graphs below. Want to learn more about the local market? A Town & Country Realty Broker is ready to help! Whether you’re ready to buy or just exploring, expert guidance can set you up for success. Call today—541-757-1781 in Corvallis or 541-924-5616 in Albany—and take the next step with confidence!
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
