I often hear the phrase “I’m just looking” or “we’re waiting to buy next year.” Not that waiting or looking are bad thoughts, but…what will it cost you in the end? With interest rates steadily on the rise and home prices slowly increasing, could waiting do more damage than good?
There are some cases that the obvious answer is no – those that need to improve credit, save for a down payment, or see what the job market has in store – but the majority of home buyers don’t realize the answer is YES, waiting could cost you more. Below is a diagram illustrating the cost of buying now versus waiting:
Is it worth the wait?
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.