Sellers | 4 minute read
Should You Buy Now or Wait?
So many buyers I talk to right now are feeling this massive uncertainty about what to do, and the questions I hear most often are:

- Should we wait to buy? 

- Are interest rates going to continue to rise? 

- Will house prices be coming down? 

- What if we buy now and property values drop, and we're upside down on our mortgage? 

These are all valid concerns and very good questions, and here are a few thoughts - which I am happy to share; however, as an important disclaimer, please do not take any of this information as financial advice.

So ... what ‘should’ you do? 

While I don't have a crystal ball and cannot predict the future, here's how I like to think about this whole situation, and I hope this helps you get some clarity.

Look at the Big Picture

When we look at the big picture, and everything that’s happening in the world, the economy, the financial markets, the real estate market … everything happens in seasons. What goes up must come down. The good news is that no winter lasts forever and is always followed by spring. 

Having said that, it’s safe to say - change isn’t just coming - it’s here. To get through it and make the most of it, I believe it’s crucial that we don’t just freeze and feel paralyzed about taking action because we are afraid to make a mistake. Life goes on. We have to adapt as quickly as possible, and in order to do that, we must look at the bigger picture.

If we knew for sure that interest rates were going to come down sooner than later, it would make sense to wait it out. 

If we knew for sure that property values would be dropping more given the increasing supply, it might make sense to wait it out.

But what if interest rates don’t go down? What if they go up even more? After all, what we are calling a ‘high’ rate right now we used to think of as completely ‘normal’ not too long ago. 

And ... I can tell you from experience that we would have loved to have today’s rates in the 80ies when it was considered a selling feature to be able to assume a seller’s remaining mortgage on a property at 12%, so we didn’t have to take on the entire amount at 18-19%!

Another thing to consider is that the current rates are still way below the inflation right now, and … if you are renting … your interest rate is 100%. 

If you are thinking of buying in the near future, I think it is very important to get the right kind of mortgage and be very intentional about the type of property and the location you’d be buying in to minimize risk as much as possible. Having said that, you cannot eliminate it fully, of course, and as your trusted advisor and REALTOR®, it is my fiduciary duty to give you as much information as possible so you can make a good decision.

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REALTOR®, Wilson Realty Inc.


  4344 State St, Saginaw, MI 48603

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© 2022 - Ken Voelker, Wilson Realty, Inc. All Rights Reserved. 4344 State St, Saginaw, MI 48603. All information provided is deemed to be reliable but cannot be guaranteed. It is represented subject to errors, omissions, changes, or withdrawal without notice. Equal Housing Opportunity. Not intended to solicit properties currently listed for sale.