Data Suggests Continued Home Value Appreciation
The value of the average US home is expected to keep rising.
While many people look at today’s housing market with suspicion and a sinking feeling reminiscent of 2008, experts and data suggest that the strength of the market is anything but superficial.
Overwhelming Demand
Prices continue to rise because supply isn’t keeping up with demand. The US has seen an overall drop in housing inventory of a whopping 52%, which explains why so many have struggled to buy existing homes this year. At the same time, demand for homes continues to rise as millennials reach an age and financial situation fit for home buying. COVID-related changes in lifestyle, location, and priorities have also spurred demand and sent people away from coastal cities and toward cities like Raleigh, NC in droves. Plus, interest rates remain at record lows, driving urgency and making the dream of homeownership achievable for still more Americans.
Year over year, home values have appreciated up to 23% more compared to 2020’s first quarter. Even as mortgage rates begin to rise, demand is unlikely to slow down to even out the supply to demand ratio, and home values are expected to continue to rise.
Jump in Soon
All of these statistics, projections and predictions boil down to one overwhelming suggestion: buy into the housing market soon. Whether you’re making the switch from renting to owning or you’re looking to move or upgrade, getting into the home you’d like to be in for the foreseeable future can’t wait. As prices continue to rise, buying now means you’ll save yourself money down the line, while building equity in your ever-appreciating home.
In some areas, buying an existing home feels next to impossible. Despite knowing that waiting to buy a home will cost more in the long run, many hopeful homebuyers search and submit offers for months on end without successfully buying a home. Many are finding that building is the way to go. With options like working with Atmos on a custom home, there’s no need for endless competition and back and forth. Fortunately, building a new custom home that truly meets all of your needs and priorities has never been easier.
Ready to get started building the home of your dreams? Reach out to the Atmos team today!
