When to Wait (and When Not to Wait) When Buying a Home

Buying a home is a big decision, perhaps one of the biggest in a person’s life. There are many factors to consider when the time is right for you.

There are the things you can’t control like housing inventory, interest rates, and other current market factors in your area.Then there are the things you can control like your personal goals. 

Here are some things to consider when deciding whether to wait or not to wait to buy a home.

Market Timing

When to Wait – “The term ‘seller’s market’ is one heard a lot these days,” says Cathy Vick, Sales Associate at ERA Justin Realty, “A seller’s market means that there are more buyers than homes on the market, which can lead to bidding wars. This doesn’t mean you can’t buy, but you should be prepared for more competition for the home you have your eye on.” If you can’t afford to outbid others, it may be best to wait for a buyer’s market. 

When Not to Wait – “Even though interest rates are rising, that doesn’t mean you should wait to buy,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Home prices will continue to go up too. You can always refinance your mortgage if rates drop again. You can’t change the price you paid for your home.”

Personal Goals

When to Wait – “Your personal financial goals come into play when deciding whether to buy a house,” says Vick, “Homeownership comes with costs beyond just your mortgage, like insurance, taxes, and maintenance. So, if paying off debt is a big part of your personal budget, that needs to be taken into account. It could affect your ability to secure a good mortgage rate.” Other factors to consider include other personal and professional goals like going back to school or making a career change.

When Not to Wait – “If you have been saving up for a down payment and monitoring the housing market, it may be time to contact a real estate agent to help you make an offer,” says Darby Metzger.  

Regardless of where you are in your journey toward homeownership, Cathy Vick and all the agents at ERA Justin Realty can help. Call us at 201-939-7500.