If buying a home is on your mind but you’re unsure about the timing, here are three important questions to help you decide whether to buy now or wait.
1. Should I Hold Out for Even Lower Mortgage Rates?
While waiting for mortgage rates to drop further may seem appealing, many potential buyers share your sentiment. This means if you wait, you’ll face stiff competition from others looking to purchase a home, potentially driving up prices.
“A further drop in mortgage rates could bring a surge of demand
that makes it tougher to actually buy a house.”
Greg McBride
Chief Financial Analyst, Bankrate
2. Is It Better To Wait Until After The Election?
Historically, home prices tend to rise in the year following a Presidential election. Therefore, buying now could be a smart choice to avoid higher prices down the line.
Prices Went Up After 7 of the Last 8 Presidential Elections
Median Sales Price of Existing Single-Family Homes
3. Do I Plan To Live There For A While?
If you’re looking to settle down, buying a home can be a fantastic long-term investment. Purchasing now allows you to start building equity, which is especially beneficial in a rising market.
The average homeowner gained about $25,000 in equity over the past year.
CoreLogic
Deciding whether to buy now or wait can be a complex choice. Let’s discuss your unique situation to help you make the best decision. Reach out today at 703-774-5892 or mansoora.dar@ptdmv.com.
