Should I Buy House Now or Wait? Expert Insights on the Current Housing Market

Discover the latest data from the NAR and Fannie Mae on existing home sales and consumer sentiment to help you make an informed decision on “Should I buy house now or wait?” in today's competitive market.

In today’s housing market, the question: “Should I buy house now or wait?” is on the minds of many prospective homeowners. With home prices soaring and mortgage rates on the rise, the decision can be a tough one to make. Recent data from the National Association of Realtors (NAR) shows a 1.9 percent decrease in existing home sales from April 2023 to April 2024, and the Fannie Mae Home Purchase Sentiment Index indicates that 79 percent of consumers believe it’s a bad time to buy a house.

However, there are some positive signs for buyers. Days-on-market figures are up, giving buyers more time to make informed decisions, and housing inventory is on the rise. According to NAR, available housing inventory increased by 9 percent month-over-month and 16.3 percent year-over-year in April. Additionally, RE/MAX reported an 18.2 percent increase in new listings compared to April 2023.

So, Should I buy house now or wait for prices or rates to drop? Factors to consider include mortgage rates, home prices, credit score, down payment savings, and future plans for the property. If you have excellent credit, enough savings for a down payment, and plan to stay in the home for a while, now could be a good time to buy.

However, if home values in your area are dropping, inventory is increasing, or your personal finances could use some improvement, it might be wise to wait. Real estate is a local game, so analyzing your specific market is crucial in making the right decision.

The possibility of a recession also adds a layer of uncertainty to the decision-making process. While recessions can make buying a home riskier, they can also present opportunities for less competition and better deals for buyers who are financially able to make a purchase.

Ultimately, the decision of when to buy a home is a personal one that depends on a variety of factors. Consulting with a local real estate agent and carefully evaluating your financial situation can help you determine “Should I buy house now or wait?”