If You Will Be Buying A Home In The Next Year, Sooner Might Be Better Than Later

Home prices have increased quite a bit over the past few years.  Clearly, that's a bit of an understatement.  ;-)

Mortgage interest rates have increased drastically (doubled+) over the past year.

As such, some would be home buyers might be wondering whether they should go ahead and buy a home now, or wait until next year.

Waiting would make sense... if you thought home prices were going to decline and/or if you thought mortgage interest rates were going to decline.  I think there is a relatively low possibility that we will see a significant decrease in home prices and/or mortgage interest rates over the next six to twelve months.

Buying sooner rather than later would make sense... if you think home prices will either stay at about the same level or they might increase... and if you think mortgage interest rates will either stay at about the same level or they might increase.  I think there is a relatively high possibility that home prices and mortgage interest rates will either stay at the same level or increase over the next six to twelve months.

So, if you are almost certainly going to buy a home in the next 12 months, then the chances are sooner will probably be better than later.

Clearly, this guidance is based on my best guesses (or your best guesses) about future trends in home prices and mortgage interest rates... so we're all just guessing.  Only waiting and watching will show us what really will happen.

Let me know if you want to chat further about this topic as it relates to your particular portion of the local housing market.