It’s Never the “Wrong” Time to Buy: Why Homeownership Wins Over Time

Thinking, “Maybe I should wait — prices are high”? That’s a perfectly natural reaction. But for long-term wealth-building and security, history shows that waiting for the “perfect” time rarely pays off. Even when you buy at a higher nominal price, home values tend to rise over time — and those gains compound.

The long view: prices go up (despite the bumps)

Look at the last decade in Raleigh and across North Carolina: overall house-price indexes have climbed substantially. The FHFA All-Transactions House Price Index for Raleigh-Cary rose from an index level of ≈166 in January 2015 to ≈351 in January 2024 — more than doubling in less than ten years. At the state level, North Carolina’s HPI moved from ≈314 to ≈656 across the same period. Those increases happened in stretches — not as a smooth straight line — but the long-term trend is unmistakable. FRED+1

(Short version: even if a buyer pays what feels like a “high price” today, the value historically has continued to appreciate — especially in fast-growing markets like Raleigh.)

Why that matters to you

1. Equity builds automatically. Even modest yearly appreciation reduces the time it takes to reach meaningful equity, which opens options (down-payment for next move, refinance, or cash-out for renovations).
   
   
2. Rent vs. buy math. Rent payments only pay someone else’s mortgage. When you buy, part of your monthly payment is building an owned asset — and taxes and mortgage interest may bring additional savings.
   
   
3. Inflation hedge & leverage. Homes historically keep pace with — or outpace — inflation. And because you buy with leverage (a mortgage), a small change in home value becomes a larger percentage return on your actual cash invested.
   
   
4. Local job and population growth. Raleigh’s strong job market, universities, and quality-of-life draws create demand that supports rising home values over time.
   
   

Real examples (the data)

Below are two charts showing FHFA’s All-Transactions HPI for Raleigh-Cary and for the entire state, using January values from 2015–2024. They illustrate the point: prices climbed steadily from 2015 through 2021, accelerated during the pandemic housing boom, and continued to sit at materially higher levels year over year. Source: FHFA data accessed via FRED. FRED+1

(If you prefer a city-level “median price” snapshot instead of HPI, Zillow shows the current typical home value in Raleigh for context.) Zillow

But — yes — timing and terms still matter

I’m not saying there’s never any risk. Market cycles happen. That’s why a smart buyer focuses not just on price but on:

• Affordability (can you comfortably make the payments if rates move?)
  
  
• Loan terms (locking a good rate and down payment strategy matters)
  
  
• Horizon (plan to own for several years — 5–10+ reduces short-term risk)
  
  
• Property choice & location (good neighborhood, schools, job access = better long-term resale)
  
  

How Team Ruby Place Raleigh helps

We help buyers run the numbers (cashflow, break-even analyses, scenario modeling) and find properties that match both lifestyle and investment goals. If you want, we’ll:

• run local comparative market analysis (CMA) for a specific home or neighborhood,
  
  
• model a 5– and 10-year ownership scenario (including appreciation assumptions, taxes, insurance, and maintenance), and
  
  
• identify financing options tailored to your situation.