The Cost of Waiting a Year to Buy a Home in the Pacific Northwest
Homebuyers in our local market are faced with challenges today; low inventory, multiple bid offers, rising mortgage rates, etc., which can make it hard to know if now is a good time to buy.
While it very much depends on each individual case, for the most part, if you're thinking about buying a house, history says that now is almost always the right time to buy. Let’s look at our region’s year in review information from April 2021 - April 2022, where it shows the cost of homebuyers waiting a year in some of the most popular areas in our region.
Mortgage rates are continuing to rise, but that’s nothing to be afraid of because homes will continue to appreciate in price, thus building your equity. If you’re renting right now, you’re building your landlord’s equity, which I know they are very happy about, but if you have dreams of homeownership in your future, renting isn’t helping your long term goals.
The infographic below shows many of the financial benefits of owning your own home.
With Covid restrictions lifting, more and more we are seeing people return to the office. However, many variables are allowing some homebuyers to explore more rural options. These variables can consist of companies that are allowing their employees to choose whether to come back or work from home, daycare issues, those that are now homeschooling their kids, and other various reasons; thus continuing an interest for homes with space for an office, a bonus room, bigger property, etc. Knowing what you qualify for and understanding your buying power is step one, and with all the programs available to first time homebuyers, it’s likely we can find something that can work for you.
Regardless of the year, history suggests you will pay more by waiting to buy a house. If you have questions about whether now is a good time for you to buy a home, please reach out anytime! I love being a resource of knowledge to help people determine their next steps.
