Recommendations such as “Don’t wait to buy real estate, buy real estate and wait” and “Don’t try to time the market” are frequently heard from seasoned investors.
However, given how high interest rates are right now, shouldn’t you wait for them to drop? In this manner, you’ll avoid having to make a large monthly mortgage payment of between $1,700 and $2,000.
Additionally, it seems like a recession is imminent, which means that house prices will drop significantly as well.
Their argument, which holds merit, is that while you wait for interest rates to decrease, many other buyers are doing the same. Consequently, when rates do drop, prices quickly rise due to pent-up demand. Moreover, the future is uncertain; events in 3, 6, or 12 months, or even longer, are unpredictable. While you hold out for ideal conditions, others are purchasing homes, settling in, building equity, and enjoying homeownership.
Your ideal scenario may never materialize, and there are valid reasons to wait. Therefore, these arguments may not apply universally to all buyers—you must decide what’s best for you. No blanket statement can definitively say whether it is or isn’t the right time for every buyer in every market. What’s right for you might not be right for someone else.