Top Reasons Why Waiting to Buy a Home Might Cost You

By Jacqueline Smith

Jacqueline Smith is dedicated to serving the vibrant Vancouver/Portland real estate market. Since stepping into the industry in 2014, I hit the ground running selling 52 homes in my first year and now have my hand in selling over 1700 properties.

A client recently asked me, “Should I wait to buy a home?” My answer is a firm no. If you’re well-qualified and can afford it, I suggest you act quickly. Don’t wait for the buyer rush that’s likely coming; purchase as soon as you find the right property.

What’s stopping homebuyers from buying a home now? Many are hoping interest rates will drop, so they’re considering waiting. But here’s the issue: a lot of other buyers are thinking the same thing. Just imagine what will happen when rates actually do come down:

The moment interest rates drop, a flood of buyers will flood the housing market, and we might see a repeat of what happened back in 2021 when buyers competed fiercely for the same homes. Many had to offer more than the asking price, waive inspections, and make sacrifices just to secure a house. Trust me, you don’t want to be in that situation.

What should you do? As always, if you can afford it and you find the right property, don’t wait. If rates do drop later, you can always refinance. This means you can get a great price on your home today and adjust your interest rate down the line if it becomes more favorable.

Another important reason to buy now is that you can start building equity. Why wait to put money in your own pocket? If you’re renting, you’re effectively paying a mortgage anyway—just not yours. When you own a home, you can enjoy tax benefits and the appreciation that comes with homeownership.

Over the last 30 years, home values have appreciated on average by about 4% per year. We even saw some incredible years recently; in Camas, Washington, homes appreciated by 23% in 2020 and 2021. Those lucky buyers are now thrilled with the equity they’ve built.

If you plan to keep your home as a long-term investment, you can expect similar growth. Why keep throwing money away on rent when you can buy now, avoid the rush, and negotiate seller concessions? This could mean getting a better deal on your home.

I hope this information helps you make a decision. If you have any questions about buying a home or want to know if it’s the right time for you, feel free to reach out at (360) 560-1156 or jacqueline@evergreenrealestatepartners.com. I’m always here to help.