Is it a good idea to wait for the housing market to calm down before you buy a home?

In my opinion, don’t bother. I don’t think it’s wise to wait in today’s climate. If you can’t find a house that fits your criteria, of course, you’ll have to wait, but don’t make it a part of your plan to wait until housing prices come down. That may not happen for the next few years. 

Even though home sales have cooled recently compared to the hot pace earlier this year, home prices continue to climb. If you decide to wait, it could cost you more should home prices continue to appreciate at the same rate. Homebuyers who wait until next year will have to pay 12% to 14% more by the end of 2022. Keep in mind that as housing goes up, mortgages go up too.

“Homebuyers who wait until next year will have to pay 12% to 14% more by the end of 2022.”

In the rental market, landlords are raising rents as well. For sellers, it might be a bit easier because of the high demand and reduced competition. If you decide to wait until next year to sell, you may get a nice list price and an even better sales price. However, you’ll fall into the same trap as buyers if you also need to purchase a home after selling.

The bottom line is that if you have aspirations to buy or sell this upcoming year, the time is now. The market is somewhat unpredictable. To avoid an additional cost for buying or selling a home, give the Air Assault Team a call so that we can help you reach your real estate goals. We look forward to hearing from you.