Hey there! Wondering if you should buy a home now or play the waiting game? It’s a big question, right? But here’s the scoop: If you’re ready and able to buy, focusing on time in the market is way smarter than trying to time the market.
The Downside of Trying To Time the Market
Trying to time the market is like trying to predict the weather – it’s tricky and can leave you soaked! For most of this year, experts thought mortgage rates would drop. But guess what? They haven’t. As U.S. News puts it:
“Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn't improve for those who chose to wait.”
So, sitting on the sidelines waiting for that perfect rate? Not the best move.
The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices
Waiting could also mean missing out on building that sweet equity. Let’s talk numbers. Fannie Mae’s Home Price Expectations Survey asks over 100 experts what they think home prices will do over the next five years. Spoiler alert: Prices are going up!
Imagine you buy a $400,000 home now. According to the experts, your home’s value could increase by over $83,000 in the next five years. Yep, you read that right. That’s some serious cash in your pocket just by owning a home.
The Advice You Need To Hear If You’re Ready and Able To Buy Now
I get it, mortgage rates and monthly payments are a big deal. But don’t forget about home prices – they’re on the rise too. And while a moderate price hike might not sound thrilling now, once you own that home, it’s a win for your equity.
You could try timing the market, but you might miss out on those juicy equity gains. If you’re ready and able to buy now, ask yourself: Is it really worth waiting?
As U.S. News Real Estate says:
“There's never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There's also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn't be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.”
Bottom Line
Thinking about whether to buy now or wait? Remember, it’s all about time in the market, not timing the market. Ready to dive in and start building that equity? Let’s chat and get you moving toward your dream home!
