Should I Put My Real Estate Plans on Hold?

When you understand cost versus price, today’s market isn’t so scary.

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Due to the turbulence in the market, customers have been asking me whether they should wait to make a move or take advantage of current conditions. I get it—between an ongoing pandemic and the aftermath of a presidential election, there’s plenty of commotion at the moment. However, this commotion must be understood in its proper context; today’s market is far different from what we’ve seen in the recent past. 

Several factors working in tandem have ensured that prices will keep rising, so the longer you wait, the higher your financial barrier becomes. On a basic level, today’s higher prices are the product of high demand running up against nearly negative inventory. Furthermore, interest rates are historically low right now, but they simply can’t stay where they are forever. They, too, have only one way to go from here, and that’s up.

The longer you wait, the higher your financial barrier becomes.

Homebuyers have to understand that cost is a much more important factor than price. In most cases, interest rates will offset prices. Once rates start to move, though, you’ll be stuck with a higher monthly payment than what you would have had if only you acted sooner. My suggestion: Don’t wait. By waiting, you’re only running a greater risk of buying in a market where both cost and price are working against you.

I hope this information was helpful. As always, reach out via phone or email if you ever have any questions. I’m here and happy to help!