Should I BUY NOW or WAIT until next year?

Should I Buy Now or Wait Until Next Year?

I've been looking for an easy way to answer this question in a general way. I mean, when I'm asked this question, which is quite often, I usually answer with very specific insights into local market data. When I saw this infographic by Keeping Current Matters, I thought it was worth sharing because it takes a more generic approach and it calculates a cost for waiting. 

All of their data comes from CoreLogic, Freddie Mac, and Bankrate and they make a few assumptions. 1) That interest rates will go up by 0.2% and 2) that home prices will increase by 5.4%. So this graphic is best if these assumptions match up to your neighborhood trends.

Do these trends line up with your local market?

Does the graphic speak to your situation?

It was interesting that they targeted the infographic to Millennials who are likely to be First Time Home Buyers who are not concerned with buying and selling and timing the two. I know that I have many clients who are either non-Millennial first time buyers or Millennial second time buyers. 

The price point is also significantly below the average cost o a first home in the Washington DC Metropolitan area.

What part did you find most compelling? 

For me the most compelling part of the infographic is the section in the lower right hand corner that shows the impact over 30 years. It's amazing to think that waiting could cost $32,832. That's at least one year of college tuition. 

Is it clear that the time to buy is Now?

If you'd like to discuss the timing of your next move, give me a call to Get Started.