Oh, the housing market, the last couple of years, it’s been so cruel. Plus, the COVID-19 pandemic has only made things worse. There’s a trend for people to buy houses and land to make additional money, due to remote work people are moving. Plus, new houses can’t be built due to a lack of supplies. Not to mention the fact that there is a recession predicted in 2023. In general, it’s looking pretty tough out there. So it may be best that you wait to buy a house. It’s hard to think about needing to wait to buy a house, but sometimes, waiting can be the best financial planning that one could do.
So with that said, here are the top four reasons why it may be best to stay where you are right now instead of dealing with the hassle of buying yourself a home. Just keep in mind that this advice isn’t one size fits all, and everyone is going to have different circumstances.
Reason 1) The Market is Slow and it's Probably Not Going to Get Better Soon
Housing markets have been in a slump for the past few years, and there are no signs that things are going to change anytime soon. The real estate market is slow and it's probably not going to get better anytime soon. It’s a harsh reality but that seems to be how it is right now.
Some people can’t sell their house due to reasons such as COVID, while others are too worried that a recession is on its way. It’s true that right now, it is a seller's market when it use to be a buyer's market. It’s hard to tell what the future may look like, but there is a bigger demand for houses which means fewer are on the market. You can listen to Armand Candea and hear their thoughts on the US housing market.Reason 2) There are Things You Won't Have Time For if You're Buying Now
If you buy now, there are things you won't have time for later. You will miss out on the opportunity to find the perfect place for your needs. You might also miss out on important tax benefits and other financial incentives. You can save yourself time and money by waiting until you decide where you want to live. Sometimes, it’s better to wait to enjoy the benefits.
Reason 3) The Pros of Waiting Out the Housing Market Cycle
Waiting out the housing market cycle can be a good idea for people who want to buy a house. The pros of waiting out the housing market cycle are that it allows people to save money and not have to worry about making monthly payments. Waiting also means that people will not have to pay as much for their mortgage because interest rates will be lower. The disadvantages of waiting out the housing market cycle are that it can take a long time, and in some areas, there is a shortage of homes for sale. Waiting out the housing market cycle is not always a good idea, but it could be beneficial if done correctly. But this is really up to the person.
Reason 4) No Worries of Overbidding
Overbidding for a house is currently the norm, this is very common in plenty of countries such as the Netherlands, and it’s quite common right now in the US. While you may think that overbidding in places like NYC would be common, it’s also extending as far as rural communities.
