Some people are wondering if they should still buy a house this year, given the higher mortgage rates and inflationary pressures. It’s true that this year presents unique challenges for homebuyers. However, it is important to consider the long-term benefits when making your decision. Why is this? Why is that? Home Price Growth Over TimeThe map below uses the Federal Housing Finance Agency’s (FHFA) data to show how notable price gains have occurred over the past five years. Home prices vary by region, so the map is divided into regions to show larger market trends. This national average tells us that the typical homeowner who purchased a home 30 years ago has seen their home nearly triple in value during this time. This is why so many homeowners are still happy that they made the decision to buy their home years ago. Prices are rebounding in many places today, even though home prices have moderated since the record highs we saw during the “unicorn” years. In most markets, that means your home will increase in value in the next year. Renting is an alternative to buying, but rental prices have been rising for decades. Why rent and deal annually with lease increases for no long-term benefit? Bottom LineIf you are wondering if buying a house today still makes sense, consider the long-term benefits. Reach out to a real-estate professional today if you’re ready for the conversation to begin.

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