When to buy a home: Buy in 2022 or Wait Until 2023?

When to buy a home: Buy in 2022 or Wait Until 2023?

Deciding when to buy a home can be a difficult decision. It’s important to consider all the factors involved to make the best choice for your family. This blog post will explore the pros and cons of buying a home in 2022 versus waiting until 2023. We will also discuss what could happen in the housing market that could impact your decision. 

State of The Housing Market

One thing to consider when deciding whether to buy a home in 2022 or wait until 2023 is the housing market’s current state. Right now, the housing market is a seller’s market, meaning that there are more buyers than homes for sale. As a result, prices are rising, and homes are selling quickly. 

Of course, anything can happen in the housing market, and no one can predict the future with 100% accuracy. However, some experts believe prices will continue to rise for the next few years as more and more Millennials become homeowners. So, if you’re considering buying a home, you may want to do it sooner rather than later.

The Case For Buying in 2022

One of the main advantages of buying a home in 2022 is that you’ll be able to lock in a low-interest rate. Interest rates have been relatively low this year. Still, they are expected to rise in the next few years as the economy stabilizes. So by locking in a low-interest rate now, you’ll save yourself thousands of dollars over the life of your loan.

Another advantage of buying sooner rather than later is having more homes to choose from. As prices continue to rise, more and more sellers will put their homes on the market. This will give you more options, which is always a good thing.

The Case For Waiting Till 2023

Of course, there are some advantages to playing the waiting game. One is that you will likely have much more negotiating power with sellers as the sellers’ market cools off. With prices rising, sellers will be less likely to accept a low offer this year, but this will likely change in 2023. 

Another upside of waiting is that you will likely avoid a bidding war, unlike the 2022 market, where multiple buyers are looking to take advantage of the current market conditions.

Should You Buy in 2022 or Wait Until 2023?

So what’s the verdict? Should you buy in 2022 or wait until 2023? Ultimately, it depends on your personal situation and what’s most important to you. If saving money is your top priority, then waiting until 2023 might be the best option. However, buying sooner might be the way to go if you’re worried about getting priced out of the market. Whatever you decide, make sure to do your research and work with a reputable real estate agent who can help you navigate the current market conditions. Reach out to us today to get started on your home search