Should You Wait to Buy?

Written By Ralph

Just about everyday I get asked the question, "Should I Wait to Buy?" 

Here is the truth - the answer is so very different for each person that I talk to.   Everyone has different goals and needs. 

For example, a family that wants their kids to attend a specific high school are more concerned about their kids education than trying to time the real estate market.  They have a problem that needs solving and buying a home solves that problem for them.

Another example is a renter that's sick and tired of their landlord's restrictions.  They need their own home so that they can keep their dog or paint their kid's bedroom pink.   For them, homeownership will bring a certain peace of mind that is hard to put a price on.

There are so many reasons why my clients tell me that buying a home is the right move for them right now, even in this sellers market.

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Need to purchase a home in 2021 or 2022?

Read this article "Why Waiting to Buy A Home Could Cost You a Small Fortune"


SO, HERE ARE MY THOUGHTS...
If you have a strong reason to buy a home in 2021 or 2022, consider purchasing a home sooner rather than later.   For one, interest rates are historically low today, but experts project they will increase to 3.5% to 3.9% a year from now.  

Read "Why Waiting to Buy A Home Could Cost You a Small Fortune"

Secondly, according to Stephen Thomas of Reports on Housing, home prices will likely continue to appreciate for the rest of 2021 and through the end of 2022. 

This is likely due to the following:  

  • Supply & Demand - the supply of homes will continue to remain historically low and with demand for homes also remaining high for the next few years due to demographics.

  • Demographics - Millennials are the largest demographic is the US and will be a strong driver of demand through 2024 according to Logan Mohtashami (www.loganmohtashami.com) Logan says... "Years 2020-2024 have a healthy number of replacement buyers as our most significant housing demographic patch ever recorded in history ( Ages 26-32) comes into their home-buying age"

  • Supply Chain  - the lack of supply around building materials is driving up the cost of new homes.  


SUMMARY
If need to buy a home in 2021 or 2022, ask yourself these two questions:

-  Do you think home values will be higher a year from now?
 - Do you think mortgage rates will be higher a year from now?

If you plan to buy in the next 3-5 years, I feel that it's too early to try and project what the housing market will look like at that time.   However, the Future Homeowner Plan was designed to help you GET READY to buy a home when the time is right for you.

If you’ve decided to wait, GET READY and STAY READY!!

Ralph