Should you buy your home now?

Key Takeaway:

Buying a home today comes with mixed signals. Mortgage rates are still high, but prices aren’t falling much—and waiting may not make things easier. Whether it’s the right time depends on your finances, goals, and how long you plan to stay.

✅ Pros of Buying Now

1. More Homes to Choose From
   Inventory is slowly rising, giving buyers more options than last year. Some sellers are more willing to negotiate.
2. Less Competition
   Fewer people are buying right now due to higher borrowing costs. That means less bidding wars and more power for buyers.
3. Stable Prices in Some Areas
   Home prices aren't dropping much, and in some regions they’re holding steady or rising. If you wait, it might cost more later.
4. Potential to Refinance Later
   If you buy now at a higher rate, you might be able to refinance when rates drop in the future, lowering your monthly payments.

❌ Cons of Buying Now

1. Mortgage Rates Are Still High
   Rates remain around 7% (source), which means higher monthly payments and total interest.
2. Affordability Is a Major Issue
   Many homes are still priced out of reach for first-time buyers. A recent Yahoo article noted that buyers need to earn much more today than just a few years ago.
3. Not All Areas Are Equal
   Some cities are cooling down, but others are still hot. If you’re in a high-demand area, you may still face tough prices and limited supply (Business Insider).
4. Uncertain Economy
   Experts warn that inflation, job stability, and interest rate swings could affect your ability to pay over time (CBS News).

Bottom Line:

If you’re financially ready, plan to stay put for at least 5–7 years, and find a home you love, it could be a smart move. But if you're stretching your budget or unsure about your job or future plans, waiting might be safer.