Housing market crash. It’s a phrase that can send a chill down the spine of even the most intrepid home buyer or seller. While it’s true that the housing market is cyclical and prices will go up and down over time, there’s no doubt that we’re in the midst of a downturn right now. So, what does that mean for you if you’re thinking about buying or selling a home? Should you delay your plans until the market recovers in 2023? Or, is this a good time to take advantage of low prices and interest rates?
As with most things in life, there are pros and cons to both waiting and taking action now. Here’s a look at some of the key considerations to keep in mind as you make your decision.
If you’re thinking of selling your home, you may be wondering if you should wait for the housing market to rebound. After all, home prices took a hit during the pandemic and haven’t fully recovered yet. And with interest rates at an all-time low, now might be the perfect time to buy a new home. So what’s the best course of action? Should you wait to sell or buy a home till 2023?
The answer to this question depends on many factors. The most important factor is your reason for wanting to buy or sell. Other important factors include your timeline, your budget, and your willingness to compromise.
For example, if you need to sell your home in order to move for work, then you may not have the luxury of waiting for the perfect time. In that case, it’s best to consult with a real estate agent to get an idea of when would be the best time to list your home based on your specific situation.
On the other hand, if you’re not in a hurry and you’re okay with waiting for the perfect buyer (or sellers), then you may want to consider waiting till 2023. Analysts are predicting that the real estate market will rebound by then, so you may be able sell your home for more than what it’s worth today. However, there’s no guarantee that the market will rebound by 2023—it could take longer. So if you can afford to wait and you’re not in a rush, then it may be worth holding off on listing your home until closer to 2023.
If you’re thinking of buying a home, waiting till 2023 may also be a good option since prices are expected to go up by then. However, interest rates are also expected to rise over the next few years, so you may end up paying more in interest if you wait too long. Additionally, there’s always the chance that the market could rebound sooner than expected and prices could start going up sooner than 2023. So if you find a home that you love and you can afford it now, there’s no reason why you shouldn’t buy it now—just be aware that interest rates could go up over time so it may be wise to lock in a low rate now while they’re still low.
Ultimately, the decision of whether or not to wait till 2023 should come down to what works best for your specific situation. If you need (or want) to buy or sell sooner rather than later, then don’t let predictions about where the market is headed stop you from taking action now. However, if you can afford to wait and you don’t mind taking on some risk, then holding off until 2023 could pay off in the long run.
The Case for Waiting:
1) Home prices have already begun to rebound in many markets.
2) Interest rates are expected to rise in 2023.
3) You have time to save up for a larger down payment.
4) There’s less competition from other buyers.
5) You can take your time to find the perfect home.
6) You may get a better deal on your current home if you wait to sell.
7) You can improve your credit score in the meantime.
8) Rents are still relatively low, so there’s no rush to buy.
9) You can wait for the perfect timing in your life.
10) You may be able to find a “diamond in the rough” if you wait till 2023.
11) You can avoid making rushed decisions.
12) You’ll have more negotiating power if you wait till 2023.
The Case for Taking Action Now:
1) Mortgage rates are near historic lows and they aren’t expected to stay there.
2) Home prices have already begun to rebound in many markets, so now is a good time to buy before they start climbing again.
3) If you’re looking for a starter home, this is an ideal time to enter the market since prices are lower than they’ve been in years.
4) There’s less competition from other buyers right now, so you may be able to snag a property at a lower price than usual.
5) You may have difficulty finding the perfect home if you wait too long, so it’s best to start your search sooner rather than later.
6) By taking action now, you can take advantage of current market conditions before they change. 7) If you’re worried about rising interest rates, remember that you can always lock in a fixed-rate mortgage instead of opting for an adjustable-rate mortgage.
8) Rents are still relatively low right now, but they’re expected to rise as the economy continues to recover, so it’s better to buy sooner rather than later.
9) Acting now allows you more flexibility since you’re not tied down by time restrictions.
10) This may be your only chance to buy a “diamond in the rough” property at a rock-bottom price.
11])Making quick decisions could lead to regrets later on.
12) Taking action now shows that you’re serious about buying or selling which could give you an edge in negotiations.
As with any major financial decision, there are pros and cons to waiting or taking action now when it comes to selling or buying a home. It ultimately comes down own personal circumstances. Only YOU can decide what is best for YOU!