Buy Now or Wait?

Many homeowners today are indecisive on whether to buy and sell now or wait it out. Waiting on the sidelines, hoping that either prices or rates will have a significant drop, is always an option. However, that can take months to happen and may not be a viable option, depending on whether you have the luxury of time.

Firstly, review your finances in detail to determine if you can afford to buy what you want now, factoring in all housing-related costs and closing costs. Look at recent comparable sales where you currently live and where you want to buy.

Reasons to wait could be if home values in your area are dropping, and/or inventory is increasing considerably; if your finances are tight; if you are expecting a sizable bonus or inheritance soon that could help with your down payment; or if you want to pay off debts to qualify for loans with better terms.

Ultimately, life goes on, whether the timing of a move is perfect or not. If rates drop significantly after you buy, you can always look at refinancing later.