Why Waiting to Buy a Home Won’t Pay

By John West

We understand that our clients are making big life decisions and are trusting us to help them make sure those decisions are wise ones. For us, it is not about transactions, it's about relationships.

You might be wondering whether it’s the right time to buy a house, especially with interest rates in the picture. Recently, I had a chat with Derek Cassel, our designated broker at West Real Estate Group, about this very dilemma.

Waiting for interest rates to drop sounds tempting, right? I mean, who doesn’t want a killer deal on their mortgage? But here’s the thing Derek reminds us all of: interest rates are just one part of the equation. Sure, they’re a big deal because they can mean hefty savings or extra costs over the life of your loan.

But here’s the catch: in election years, interest rates tend to stabilize. So, banking on them to magically plummet might not pan out as expected. Derek shared some eye-opening insights. For instance, when rates go down, home prices often go up. So even with a lower rate, you might end up paying more for your dream home.

And don’t count on rising interest rates to make homes cheaper either. Sellers aren’t too keen on slashing prices just because rates went up. They’d rather hold onto their home’s value, even if it means the market slows down a bit.

Derek has seen it time and again—people wishing they’d jumped into the market sooner. Real estate values tend to rise over time. So, waiting for the perfect moment might mean missing out on a good opportunity.

His advice: don’t wait forever for interest rates to align perfectly. Seize the moment now, and if rates drop later, you can always refinance. But delaying your home-buying journey might mean missing out on potential gains.

Bottom line? Educate yourself and talk to someone who’s got your back. Find a pro who’s more interested in helping you than just making a sale. They can guide you through the market ups and downs, so you can make a decision that’s right for you.

So, if you’re sitting on the fence, it’s time to start that conversation. Send us an email or give us a call to get started today!