Does It Make Sense To Wait To Buy A Home?


Does It Make Sense To Wait To Buy A Home?
By Scott Rogers • September 1, 2023
Given high home prices and high mortgage interest rates, does it make sense to wait to buy a home? As usual, maybe yes and maybe no. Let's start with maybe no, you shouldn't wait to buy a home... [1] If you are waiting to buy a home because you want to wait until home prices come down, that might be a long wait. I can't guarantee that home prices will be stable or will increase forever, but there aren't any current signs that we should expect to see home prices declining in the next year or two so that it would make sense to wait until that time to buy. [2] If you are waiting to buy a home because you want to wait until mortgage interest rates get back down to 4% or 5%, that might be a long wait. With current mortgage interest rates at 7%, I understand the sentiment of wanting to wait until they drop back down somewhat -- but I wouldn't recommend waiting for them to get all the way down to 4% or 5% -- or even 6% for that matter. Mortgage interest rates may very well stay at or above 6.5% for the next year. But... maybe you should wait to buy a home... [1] If you are waiting to buy a home because you aren't comfortable with the mortgage payment on the home you'd like to buy -- that makes a LOT of sense. You need to be comfortable with the long-term financial commitment of buying a home. While home prices and mortgage interest rates might not decline over the next few years -- your income and savings might go up -- getting you to a place where you are more comfortable with a home purchase. So... should you wait to buy a home? Maybe. It depends on your overall financial picture and your plans and goals for the next few years. If you'd like to talk any or all of that through as you contemplate a possible home purchase, just let me know. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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