.

Buying a Home Now is Better Than Waiting: Here’s Why

07/30/2024

Deciding on the “right” time to buy a home can feel like trying to time the stock market—complicated with dozens of opinions and never a sure thing. Many potential home buyers wait on the sidelines, hoping for the perfect market conditions that rarely, if ever, materialize.

The good news is that buying a home doesn’t need to be a gamble, because whatever the risks, the benefits of buying now nearly always outweigh those of waiting. As real estate historically appreciates over time, purchasing a home today can be a wise financial plan for the future. Plus, buying now allows you to start building equity immediately, offering a tangible return on your investment.

If buying a home in Volusia County is on your summer to-do list, Bee Realty Corp can help you navigate today’s real estate market with confidence and success. Based on years of observing local housing trends, we understand that no market will ever have perfect conditions. That’s why we encourage home buyers to take proactive steps rather than waiting for the elusive right moment.

Buying a Home: Why Now is Nearly Always Better Than Waiting

Buy now or wait is the perennial home-buying dilemma. Of course, the decision to buy a new home is highly personal. But if you’re on the fence waiting for mortgage rates to drop or home prices to fall, it’s worth considering that no one knows for sure when or if that might happen.

Buying a house in today’s market can seem daunting, but delaying the decision could lead to a whole different set of difficulties. Here’s why we believe making the move now is a wise choice.

  • Mortgage rates have come down from their 8% high in October to an average of 6.6%.
  • Local housing inventory is good, with new developments planned and opening in Volusia County. And though lots of people continue to move south, others are moving out, meaning there’s a nice amount of available homes.
  • Sellers appear to be more open to negotiating prices than in recent years.

Other reasons to take the leap now include:

  1. Not missing out on your dream home. Your ideal house might be on the market right now, waiting for you to seize the opportunity. Delaying the decision could mean watching someone else snap up your forever home. By acting sooner rather than later, you increase your chances of securing a property that truly resonates with your desires and needs.
  2. Locking in a mortgage rate. While not at their lowest, current mortgage rates are still favorable compared to recent highs. Securing a mortgage now lets you lock in a rate that could potentially save you thousands over the life of your loan. As economic conditions can change rapidly, waiting might expose you to the risk of higher rates in the future.
  3. Seller incentives. Current trends have many sellers offering attractive incentives to entice buyers, including closing cost assistance, home warranties, or even price reductions. By purchasing now, you get to take advantage of these incentives before market conditions shift and sellers become less willing to negotiate.
  4. Refinance at a more favorable time. Buying now doesn’t mean you’re stuck with the initial mortgage terms forever. As market conditions improve, you can apply to refinance your mortgage at a lower rate. This strategy allows you to enter the housing market while retaining the flexibility to optimize your loan in the future.
  5. Predictable monthly mortgage payments. If you’re a renter, you know that rent prices are also rising. A fixed-rate mortgage provides stability in your monthly housing costs and allows for better long-term financial planning and budgeting. As a homeowner, you’ll also be building equity with each payment.

When Waiting Might Be the Best Option

There are some exceptions to the “buy now” rule, but many can be overcome or managed with the help of a good real estate broker.

  • Market downturn predictions. If reliable indicators suggest a significant downturn, waiting might be financially prudent. Keep in mind, though, that indicators have been wrong in the past.
  • Personal finances. If you don’t have a large enough down payment, or if you anticipate major changes in your income, it could be wise to stabilize your finances first.
  • Future moving plans. If you’re not sure you’ll stay in the area long enough to make buying cost-effective, renting might be a better short-term solution.

Many people also worry that the country could still enter a recession, which can affect the local real estate market. That said, there are upsides to buying during a recession, including less competition, which could help you find a terrific property that you otherwise might not have.

The bottom line is that there’s no guaranteed path to success when buying a home. The housing market is complex, and no one can predict with certainty what future trends will be. However, if you are financially prepared, plan to stay in the house for several years, and are ready to make an investment in your dream Central Florida home, there’s no reason to delay a purchase any longer.

How DeLand’s Top Real Estate Broker Can Make a Challenging Market Work for You

Today’s fluctuating real estate market can make buying a home more stressful than enjoyable. At Bee Realty Corp, we want to flip that equation and help you experience the joy and excitement of homeownership. Our team of talented REALTORS® possess an impressive combination of negotiation prowess, local expertise, and adaptive strategies that ensure you find the perfect home at the right price in today’s market.

Our innovative approach to the home-buying experience positions you strategically within the market dynamics and turns potential challenges into opportunities. Let our experienced team guide you through your home purchasing journey and help you make informed decisions that are right for your circumstances and goals, no matter the market conditions.

Why work with a qualified real estate broker? For starters, their expertise extends far beyond showing properties. They thoroughly understand how to leverage local market dynamics to your benefit. Our brokers’ negotiating skills are beyond compare, especially in complex transactions with multiple offers or unique seller demands. They have the tact and strategic insight to negotiate favorable terms, ensuring you don’t just buy a home but secure a deal that lines up with your financial and lifestyle goals.

Our team also has in-depth knowledge of specific neighborhoods, including future development plans, school quality, and community life. Whether it’s navigating up-and-coming subdivisions or established neighborhoods, we provide tailored advice based on solid local knowledge. We also monitor local market trends continuously, providing our clients with real-time information that can influence their home-buying decisions.

Buying a home now with Bee Realty Corp can be a smart move in DeLand’s dynamic real estate market. We offer more than just property listings; our team provides crucial local insights and top-notch guidance to help you seize current opportunities. With our expertise, you’ll navigate today’s market confidently, making informed decisions that secure your ideal home without delay.

Call us at 386-279-7522 or contact us online to learn more.

More from our blog:

A close look at West Volusia

Whether you’re buying your dream home, selling an older home, or investing in your future, now is the time to make a move.

$334,148

No Data Found

Thanks for beeeeeing here! 🙋‍♀️

Join hundreds of happy buyers, sellers, and investors by choosing to partner with Bee Realty Corp.

Need help finding something?