Waiting to buy a home

Your Questions Answered

At Ashlar, I firmly b that an educated home buyer or seller is best equipped to make their own decisions. That’s why I take time out of my day each and every day to answer someone’s real estate question.  And, when I think the answer can be useful to you as well, I share it here.  So without further ado:


Should I wait to buy a home?

Depends on what your current situation is.

Renting? It’s almost 100% better to buy. It locks in your housing costs for 30 years. Rent’s gone up around 20% in 12 months and there is currently no limit or restriction preventing it from happening again.

So far as prices going down “the market can’t keep going up” has been the refrain since about 2014. The simple fact is that at some point *someone* that says it will be right.

Realistically I can say that at some point, prices will stall. Prices will go down. But no one can tell you when. And anyone that tries to is lying. Currently there are some very slight indicators that the market is wobbling a bit, but this trend will continue until it doesn’t.

In the meantime, your choice is stay where you are or make a change in your housing situation. The right answer depends on where you want to be and how happy the change would make you.

For everyone calling for a crash, it would take *years* for prices to slide back if they were going to. The last one, which remember wiped out much of the financial sectors, took from about 2007 to 2011. That’s 4 years. Plus here’s the part most don’t mention….. in extremely difficult economic times, which houses losing 30%-50% of value some are hoping for would certainly qualify, banks aren’t eager to lend money. LEss money, less demand, sliding prices.

Best case scenario is home prices level here for a few years or a very slight decline (3%-6%) but again no solid indicators that that will happen.

The additional oddity is this trend is happening across the country, not just here. Though it is slightly more acute here than elsewhere

Kyle Sasser

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