Why waiting to buy a house is going to cost you

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Market Trends


The 5 big analysts in the real estate world just released their projection for what home values are likely to be by the end of 2023 based on the trends. All 5 are in agreement that home values will be between 5%-10% more. 

So what does that mean for you?

1. Waiting to buy is going to cost you more money. Everyone is waiting for interest rates to go down, thinking it might be by the end of the year. But it doesn't make any sense to pay 10% more for a house in 6 months if you're waiting for interest rates to go down 1%-2%. The math just doesn't add up.

2. You are not alone. Everyone else is waiting for interest rates to go down to start house hunting. Once they do, the market will be flooded with lots of buyers trying to buy from the already low inventory of homes. What does that mean? Bidding wars and multiple offers. Right now the market is stable and calm, and smart buyers are in getting lower than list price offers accepted AND sellers paying their closing costs.

3. Date the rate, but marry the house. Yes, interest rates are currently around 7%. But doesn't it make sense to get a great deal on a house now while values are lower, then simply refinance your mortgage when interest rates go down? That way you'll already be in a lower priced house and with a lower mortgage than everyone else that overpays when prices rise once they see interest rates go down. When you are among less people buying, you'll end up getting a better deal!

We truly are in a golden time to purchase. Don't wait to join the crowds that end up overpaying in 6-12 months. And don't worry if you have a house to sell first. I have a plan for that too. Contact me today and lets take advantage of this amazing opportunity that exists.

Chris Winn
Bloom Home Group Realty
I'm here to help! Contact me today!