At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”
That’s because, historically, home values tend to go up rather than down. And with mortgage rates still on the high side, you might be holding off—waiting for prices to fall or for that perfect interest rate to show up. But here’s the real talk: waiting could cost you big time.
Home Prices in Lee’s Summit Are Still Rising—Just at a More Normal Pace
If you’re hoping for a big crash in home prices, you might be in for a long wait. According to the Home Price Expectations Survey (HPES) from Fannie Mae, industry experts don’t see home prices dropping anytime soon. Instead, they predict prices will keep rising through at least 2029.
While we’re no longer seeing those jaw-dropping price jumps like we did a couple of years ago, we are seeing a steady, sustainable increase of around 3-4% per year. This is a good thing—making the market more predictable and stable.
What Does This Mean for You?
If you’re waiting for prices or mortgage rates to come down before you buy, you should consider:
- Tomorrow’s home prices will likely be higher than today’s. The longer you wait, the more expensive the purchase price will be.
- Trying to time mortgage rates might not pay off. Even if rates drop a little, rising home prices could cancel out any savings.
- Buying now means building equity sooner. Every month you wait is a month you’re not gaining value in your home.
Let’s put real numbers on this:
If you purchase a $400,000 home in 2025, based on price forecasts, it could be worth $483,251 by 2030. That’s over $83,000 in potential equity in just five years! That’s money you’re building in your own investment instead of spending on rent or waiting on the sidelines.
Why Aren’t Prices Dropping? It’s Simple: Supply & Demand
Even though we’re seeing more homes for sale now than last year, there still aren’t enough homes to meet buyer demand. And that imbalance is keeping prices up.
As Redfin puts it: “Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand.”
Translation? Unless there’s a major shift in supply, home values in Lee’s Summit will keep rising.
Bottom Line: Time in the Market Beats Timing the Market
If you’re debating whether to buy a home now or wait, here’s the deal: real estate rewards those who get in the game—not those who try to time it perfectly.
Sure, today’s market has its challenges. But there are ways to make it work, like:
- Exploring different neighborhoods for more affordable options
- Looking at condos or townhomes instead of single-family homes
- Talking to a lender about creative financing solutions
- Tapping into down payment assistance programs
The key is to make a move when it makes sense for you rather than waiting for a perfect scenario that might never come.
Are you curious about home prices in Lee’s Summit or want to start planning your next move? Let’s chat! Whether you’re ready to buy now or just exploring your options, I’d love to help you create a strategy that sets you up for success.
Hi! I'm Merla Turner, owner of Great Missouri Homes and a local Kansas City area Realtor. Thank you for reading this article. If you have any questions, suggestions, or ideas, call me at 816-328-2887 or fill out the contact form below, I am here for you. And remember - when it's your turn to buy or sell real estate, turn to Merla Turner!
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