Waiting on the Sidelines: Understand the Pros & Cons
Waiting to buy a home in today’s market can have significant costs.
- Rising Interest Rates: Higher interest rates translate to increased monthly mortgage payments, potentially making homeownership less affordable.
- Home Price Appreciation: Home prices tend to increase over time. Waiting could mean paying more for the same property later.
- Increased Competition: If you wait for lower rates, you’ll likely face more competition from other buyers, potentially leading to bidding wars and missed opportunities.
- Lost Opportunity Cost: Rent payments continue while waiting, whereas owning a home allows you to build equity.
- Inflationary Pressures: Inflation can erode purchasing power, making it harder to save for a down payment and increase the overall cost of living.
If you’re thinking of buying or selling, our experienced professionals are happy to answer any of your questions.
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