Buy Now or Wait?
Home prices have steadily increased since 2020, and interest rates have also been on the rise. Given these trends, should buyers wait for prices or rates to drop, or should they purchase what they can afford now?
The decision to buy a home depends on several factors, including financial stability, market conditions, and long-term goals.
If you’ve outgrown your current home, have a stable income, strong credit, and enough savings for a down payment and emergency fund, buying now allows you to lock in a home at today’s price. As the saying goes, “marry the house, date the rate”—you can always refinance later if interest rates decline. Additionally, rent in Fairfield County has been rising significantly, making homeownership a way to stabilize housing costs. If you plan to stay in your home for at least 5–10 years, short-term market fluctuations will have less impact on your investment.
However, if current home prices stretch your budget too much, it may be wiser to wait rather than risk becoming house-poor. If both home prices and mortgage rates are at historic highs, patience could lead to a better deal later. Additionally, if economic conditions suggest a possible market correction, waiting could save you money.
Ultimately, buying a home is a personal decision. If purchasing now makes sense, choose a home within your means rather than overextending your budget. Stay informed about market trends, interest rates, and home prices. Have your finances in order so that when the right property comes along, you’re ready to act quickly.
