With everything going on, it's understandable if you're wondering whether you'd regret buying right now, whether that's in Boerne, Fair Oaks Ranch, or anywhere else in the Hill Country.
Everyday expenses cost more. Mortgage rates are higher than you'd like. And when the economy feels uncertain, taking on a mortgage can feel like a much bigger leap. Here's some perspective that may help.
Most people who already made that leap would do it again.
According to a recent survey from NerdWallet, 74% of recent buyers nationwide are glad they bought their current home. Only 3% regret it:
Here's a big reason so many homeowners feel it was worth it, even now.
Homeownership Is a Long-Term Play
When you're deciding whether to buy, it's easy to focus on what's happening this month. What's today's mortgage rate? Are prices going up or down? Those things matter. But don't get so caught up in buying at the perfect moment that you miss the bigger picture.
A home in Boerne or Fair Oaks Ranch isn't something most people buy for a year or two. Whether it's a neighborhood home in Champion Heights or River Crossing, or acreage in the Hill Country, it's a longer-term play. And when you zoom out, things come into focus, especially when you look at home prices and equity.
According to data from the Federal Housing Finance Agency (FHFA), home prices nationally have risen 33.4% over just the past five years (see map below):
That appreciation has helped homeowners build real wealth. Research from Bankrate shows homeowners gained an average of nearly $150,000 in wealth over the past five years as equity rose across 90% of major metro areas.
That's one of the biggest benefits of homeownership. As you pay down your mortgage and your home appreciates, your ownership stake (your equity) grows. For Boerne and Fair Oaks Ranch homeowners, that's a big reason so many stay in the area and move up within it.
Now, Zoom Out Even Further
The five-year numbers are impressive. They get even more dramatic when you look at decades instead of individual market cycles.
FHFA data shows home prices nationally have risen 336% since 1991 (see map below):
That doesn't mean prices go up every single year. And it doesn't mean buying is the right move for everyone today. You should only buy when the numbers, and the payment, work for you.
What it does show is why trying to perfectly time the market can make you miss the bigger picture.
Over time, homeowners build a lot of equity, and that equity can become a powerful financial resource. As Freddie Mac explains:
"Your home's equity is part of your total wealth as a homeowner. If you decide to sell your home, the equity you have built over time will come back to you in the sale. . .
If it's time to upsize or downsize, you can use that cash for the down payment on your next home."
If you can afford to buy now, you could be setting yourself up for future moves. For many local families, that means a first home in Boerne today and a move to Cordillera Ranch, Esperanza, or the Ranches at Creekside down the road.
And if you're worried about what happens if prices dip after you buy, remember: you're not buying for one year.
Prices can dip. They have before. But historically, they've risen far more over the long run. The longer you own, the more time you have to ride out the ups and downs and keep building equity.
Bottom Line
Don't let today's uncertainty make you lose sight of what homeownership can do over time. Most homeowners say they'd make the same choice again, and decades of home-price growth help explain why.
If you're wondering whether buying makes sense for you right now, let's look at the numbers together, and what owning a home in Boerne or Fair Oaks Ranch could mean for you in the years ahead.
Call or text Charley Wasson at 210-478-8555 or visit myboernehome.com.
