The longer you wait to buy a home, the more it can cost you. A recent report published by Realtor.com indicates that the financial consequences of postponing or passing on a home purchase in the current market could be quite costly. It suggests that, on average nationally, the penalty of waiting to buy for one year is almost $19,000 and nearly $54,000 for a three-year delay. Meanwhile, the estimated wealth that a person would garner over 30 years of homeownership is over $217,000.
Current market conditions give buyers the opportunity to build substantial wealth in the long-term, compared with renters and later buyers. Affordability is at its peak now as both interest rates and price appreciation are on the inevitable rise, and buying a home enables a buyer to avoid high and escalating rents.
So, don't be a snoozer/loser! But as a disclaimer: don't be irrational either. Hold off on the purchase if you don't expect to remain in the home long enough to cover the transaction costs of buying, selling, and market fluctuations.
With all that said, find your next house here!
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