When you buy a home, you (obviously) want it to increase in value. But if you bought today, would your home's value increase in the upcoming year?
According to the most recent Home Price Insights report from CoreLogic, the answer to that question is yes.
According to the report, home prices in the US are projected to increase 5.2 percent year-over-year from December 2019 to December 2020—an increase from the 4 percent price growth the US market experienced from December 2018 to December 2019.
But what does that 5.2 percent look like in action? Let's say you purchased a home for $300,000 in December 2019. If the projections are correct, that same home will be worth $315,600 in December 2020—an increase of $15,600.
So what does that mean for you? As home prices are projected to grow throughout the year, now is a great time to make a purchase—and hopefully see a significant value jump by the end of 2020. And, waiting could end up costing you more on your purchase.