Since the start of Q4, many—if not most—of my buyer clients have expressed that they prefer to pause their home searches and “wait and see” what happens with the market in the new year.
While I believe that the best time to buy is when a buyer is ready, I also caution my buyers not to move like the masses; if everyone is pressing pause, what happens if we all hit the start button at the same time? And, if everyone is waiting for the new year, then couldn’t we argue that this is, in fact, the dip?
Take a look at the pros and cons of the “wait and see” buyer mentality and decide for yourself.
PROS OF WAITING
The possibility of of buying a home at a lower price
The possibility of buying a home with a lower interest rate
More time to save for a better down payment
Not having to list your current home in a down market
The opportunity to hold onto your liquid for the holidays
CONS OF WAITING
The possibility of prices remaining relatively the same over the next year
The possibility of interest rates remaining relatively the same or increasing over the next year
Missing out on the very real deals that currently exist in the market. Sellers and listing agents are on edge and ready to make a deal, which could mean—depending on your pricepoint—hundreds of thousands of dollars off list price
The probability that when prices go down, buyer competition will increase
The inevitability that, with increased buyer competition, homes will go back into multiple offer situations and buyers will need to offer above list price to win
Looking to buy but aren’t sure if now is the right time? Contact Erin Scialabba today for more insight into this unique market!