Should You Buy a Home Now or Wait?

That's a big question on many minds today. While the right timing depends on your personal factors, here's something to consider: if you're able to buy at today's rates and prices, focusing on time in the market might be more beneficial than trying to time the market.

The Downside of Trying to Time the Market ⌛

Trying to time the market isn’t a good strategy because things can change. For most of this year, projections have said mortgage rates will come down. While experts agree that's still ahead, shifts in market and economic factors have delayed it. As U.S. News says:

“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.”

This shows why timing the market may not pay off if you're ready and able to buy now.

How Homeowners Benefit from Rising Home Prices 📈

Delaying your plans means missing out on the equity you'd gain if you purchased today. The Home Price Expectations Survey from Fannie Mae projects home prices will continue to rise through at least 2028.

For example, buying a $400,000 home at the beginning of this year could lead to over $83,000 in household wealth over the next five years based on expert forecasts.

This data highlights why time in the market really matters.

The Advice You Need if You're Ready and Able to Buy Now 🏠

You might be focused on mortgage rates and how they impact your monthly payment, but don't forget to factor in home prices. Prices are expected to continue climbing, just at a more moderate pace. While this might not be fun now, once you own a home, that growth will be a huge perk.

Rather than trying to time the market, it's better to have time in the market. As U.S. News Real Estate sums up:

“There’s never a one-size-fits-all answer to whether now is the right time to buy a home... 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 💡

If you're debating whether to buy now or wait, remember it's time in the market, not timing the market, that counts. Connect with Krista Klause, your trusted realtor, to set yourself up for those big equity gains. Let's make it happen! 🏡💼