Everyone would love to purchase a home at the perfect time in the market, not so easy though, it’s a bit like playing the stock market, timing is tricky, and there’s no guaranteed strategy.

Here are some pros of waiting:

1. Market Trends: By observing market trends, you might be able to anticipate a potential dip in prices, allowing you to make a purchase at a lower cost.

2. Financial Preparation: Waiting can give you more time to save money for a larger down payment or to improve your credit score, which would lead to a better mortgage rate.

Here are some cons of waiting:

1. Rising prices: This is one of the biggest issues today, home values keep going up as inventory goes down. Waiting might mean paying more for a home in the future.

2. Interest Rates: Rates are currently higher than a year or two ago, so many people are waiting for rates to come down. This makes sense for people who just can’t afford or qualify for a mortgage in the current market, but for those who can, waiting may not be the best approach. No one knows when rates will start to come down or by how much. While you are waiting the home values are still going to rise, costing you more money in the future. When interest rates go down, a home frenzy will begin, and prices will rise even more.

3. Opportunity Cost: While waiting, you’re likely paying rent instead of building equity in your own property. As you know there is plenty of equity in homes these days as home values have been increasing at a steady pace. Delaying could mean missing out on potential gains.