Should You Wait to Buy a Home

The old saying goes, "the best time to buy a house was yesterday" and that's probably true. It's also true that with mortgage rates being higher than they have been compared to the recent past, it's probably a BETTER opportunity for someone to buy a home assuming they can find one they want. Mortgage rates are expected to start trending lower in the next few months to a year, depending on which data you rely on. Fannie Mae's June 2023 forecast predicts interest rates may be in the mid 5's towards the second half of 2024. As mortgage rates start to trend lower, we will see more people re-enter the housing market. As we have more people wanting to buy a home, this will pressure are already limited housing supply and will probably cause home prices to push higher. In addition, the longer someone waits to buy a home, the more they miss out on potential appreciation and amortization (payment towards their mortgage balance) gains. Instead of paying a landlord, they can be working on building their personal nest-egg for the future.

Please be sure to check out the Cost of Waiting report which takes data provided by MBS Highway for King County and provides a detailed analysis over a short period of time. I've also prepared to other reports that you'll find on this page. Past, Present and Future is also a "cost of waiting" report which shows different "what if" scenarios. Rent vs. Buy compares just like it sounds... renting and buying a home.

I am happy to review your personal scenario and create reports to help you decide if now or later is the right time for you. PS: If you do want to wait to buy a home, it's still a great time to start reviewing your credit, savings and income so we can create a game plan to help you be in the best position when you are ready to buy. Here's more information.

NOTE: Mortgage rates change throughout the day (similar as stocks do) and are subject to credit approval. In other words, the rates posted here are expired and may currently be lower or higher.